Egypt’s Arab Developers Holding allocates $32mln for construction in 2023

Egypt’s Arab Developers Holding allocates $32mln for construction in 2023

Egypt’s Arab Developers Holding has made a capex outlay of one billion Egyptian pounds ($32 million) for construction work in 2023, the company's chairman said.

Gamal Fathallah told Zawya Projects that the EGX-listed developer is planning to deliver 500 units during 2023.

The company achieved sales of EGP1.3 billion ($42 million) during the first quarter of 2023, compared to EGP316 million ($10 million) during the same quarter of last year. The company sold 503 units and delivered 172 units in the first quarter of 2023.

Fathallah that construction is underway on 5 million sqm of land, adding that they have set a sales revenue target of EGP5 billion ($162 million) for 2023.

(1 US Dollar = 30.91 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

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