City Edge Developments (CED) has signed a memorandum of understanding (MoU) with Sky Investments for the latter to participate in the marketing, leasing, and property management of brands in CED’s project in Sheikh Zayed city.
Moreover, the two companies will participate in financing, construction, marketing, selling, or leasing of CED’s future projects, and any new activities and operations, whether at the residential, commercial, administrative, hotels, or recreational levels.
The signing of the MoU was announced at a major press conference held by the two companies on Monday.
Ashraf Salman, Chairperson of CED, said, “The signing comes as part of CED’s strategic plan, aiming at expanding the scope of its investments, establishing more partnerships with big entities operating in the real estate sector at the regional level, and working to achieve investment returns that will be beneficial to its stakeholders and customers.”
For his part, Mohamed El-Mekkawy, CEO of CED, said, “The cooperation with Sky Investments aims to maximise the value of City Edge projects by relying on companies specialising in project management, leasing, and property management for brands, to achieve respectable investment returns for these projects as a result of professional management, and exploitation.”
Ayman Fathy Hussein, Chairperson of Sky Investments, said “We have many investment activities and businesses in Egypt across various industries, including energy, logistics, real estate, and tourism, and we aim to achieve high investment returns with our partners.”
Fathy added that, by signing a MoU with CED, Sky Investments aims to maximise its investments through one of the most important and largest real estate developers in Egypt.
Ahmed Shalash, CEO of Sky Investments, said that the company will make the most of the opportunity with City Edge by harnessing all its capabilities. This will also see it work on integrating experiences between the two large entities to maximise the investment return on their projects.