Saudi-Egyptian Developers launches latest New Cairo project

saudi egypt cairo project developers
Saudi Arabia

Saudi-Egyptian Developers launches latest New Cairo project

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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