Saudi Egyptian Developers to open Hilton Cairo Nile Maadi after Ramadan

Saudi Egyptian Developers to open Hilton Cairo Nile Maadi after Ramadan

Egypt - Saudi Egyptian Developers (SED) aims to complete its ongoing projects this year, bearing in mind the current economic challenges, especially the US dollar appreciation against the Egyptian pound and high construction costs, Mohamed El-Taher, CEO of the Saudi Egyptian Developers, has said.

El-Taher told Daily News Egypt that the current year carries many challenges to all economic sectors, however, the real estate cycle is long, flexible, and capable of absorbing crises.

He noted that the company achieved contractual sales worth EGP 12bn during the past year, and aims to increase its sales by 15% during the current year.

He added that the company is currently working on Central New Cairo, its latest project in the real estate market. The company intends to begin construction work during the second quarter of the year.

Central New Cairo is a commercial, administrative and entertainment project and is being built on 21 feddan, with a total investment of EGP 14bn.

El-Taher disclosed that the company aims to direct EGP 2.2bn in investments in construction works of its projects in the current year, in addition to accelerating the construction rates of existing projects.

He further added that the construction of the Hilton Cairo Nile Maadi has been completed and