Egypt’s Wadi Degla Developments plans to deliver 1,500 units by the end of 2024

Egypt’s Wadi Degla Developments plans to deliver 1,500 units by the end of 2024

Egypt’s Wadi Degla Developments is planning to deliver 1,500 units by the end of 2024, the company's CEO said.

Raymond Ahdy told Zawya Projects that the company will focus on enhancing operational efficiency to navigate Egypt's challenging economic landscape.

He said: “This steadfast internal focus is integral to fortifying the company's ability to withstand economic fluctuations and aligning its sales targets with a prudent policy of releasing a limited number of units per project for sale. This approach serves to safeguard against potential losses stemming from the impact of inflation while ensuring that our commitments remain a priority."

The company had revised its initial delivery target from 2,000 units in early 2023 to 1,600 units due to a 60 percent surge in construction costs.

“The delivery of 1,600 units, a substantial increase from the 750 units delivered in 2022, demonstrates our ability to respond effectively to economic pressures while maintaining operational efficiency,” he said.

Ahdy said the company hopes to clear its construction backlog by the close of 2026.

(Reporting by Eman Hamed; Editing by Anoop Menon)

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