Naia Developments intends to invest $1.58bln in Egypt’s property market over 3 years

Naia Developments intends to invest $1.58bln in Egypt’s property market over 3 years

Egypt’s real estate developer Naia Developments has announced its inception in the local real estate market by launching the Naia West in Sheikh Zayed, west Cairo in the first quarter of next year, capitalizing on its successful experience in developing the Naia Bay project in Ras Al-Hikma, North Coast.

Besides, the company is currently studying new business opportunities in east Cairo, according to CEO Hisham El-Danasoury.

He said that Naia Developments starts with a capital of EGP 100m, and arrangements are being made to increase it to EGP 200m, and another increase is targeted during the next two years.

El-Danasoury noted that the Naia West project is located on an area of 140 feddan with investments amounting to EGP 11bn, and includes villas, apartments, and a commercial area. The first phase of the project will comprise 70 units built on an area of 50 feddan.

Naia Developments has seven sister companies working in various fields, including construction, contracting, security, civil investment, and tourism.

Mohamed Farag, CCO at Naia Developments, stated that the construction works in Naia projects are going well and according to the schedule, and the work has not stopped despite the economic challenges in the real estate sector.

Farag added that the first phase