The Saudi Egyptian Developers Company (SED) has announced its latest project in New Cairo’s Fifth Settlement area, which will see total investment spending of EGP 2.8bn.
The new project sits on an area of 21.6 acres, or 91,000 sqm, and adds to the 44 residential, administrative, commercial, and tourism projects already executed by the company.
Mohamed Al-Taher, CEO at the company, said that SED is currently spending around EGP 19bn on the projects at hand.
Speaking on the occasion of launching its new premises and sales office in the Fifth Settlement, Al-Taher said, “We have managed to highly increase our sales rate during the past two years, in spite of the unprecedented drawbacks of the novel coronavirus (COVID-19) pandemic.”
He noted that the company surpassed the EGP 1.8bn mark in its 2019 sales, achieving a staggering 575% growth rate in comparison to the year before.
In 2020, SED managed to top its sales yet again, reaching a steady EGP 5.6bn, reflecting a 310% growth increase. In addition, the company’s sales performance during the first quarter (Q1) of 2021 reached EGP 1bn, compared to a mere EGP 383m in Q1 of 2020, reflecting growth of 275%.
Al-Taher said that the company has conducted extensive market research, which in return resulted in the construction of an EGP 8bn multi-use complex.
He also said that SED’s newest project stands on a 160,000 sqm space, and includes a commercial complex, administrative offices, clinics, and medical centres, along with entertainment and walking venues.
The project will have comprehensive transportation services and meeting points, as well as a five-star hotel.
“The project will also adhere to the highest quality standards, advanced construction protocols, and smart designs that can be utilised and re-constructed easily,” Al-Taher said.
Furthermore, the project will provide between 2,000-3,000 direct and indirect job opportunities, aligning with President Abdel Fattah Al-Sisi and his government’s aims to combat youth unemployment.