Sky Abu Dhabi Real Estate Development, a subsidiary of the UAE-based Emirati Diamond Group, has announced the inauguration of Residence Eight, its first project at Egypt's New Administrative Capital (NAC). Sky Abu Dhabi aims to support Egypt's urban development to accommodate the rapid increase in population. This falls in line with Egypt's sustainable development strategy in the form of its Vision 2030, whilst establishing integrated communities that provide quality of life for Egyptians. In a bid to encourage foreign direct investment (FDI) in Egypt, Sky Abu Dhabi Real Estate Development has obtained ministerial approval for the planning and division of Residence Eight's plot of land. In the meantime, the company began construction and offering the project's units for booking, with a view to achieve sales of EGP 1.5bn in 2021. The Residence Eight project, which received investments worth EGP 4bn, consists of residential and commercial complexes spanning over an area of 23 feddans. The project is located in the NAC's R8 area, which is surrounded by the diplomatic district from the west. It also overlooks 70 feddans of greenery from the north, and the Green River from the south near the city centre. The built up area expands over 82% of the total area of the project, with 1,000 housing units varying between apartments and luxurious duplexes. Units at Residence Eight come in various areas, ranging between 80 to 360 sqm. "The company's decision to establish its first ever project in Egypt's New Administrative Capital coincides with our vision to become one of the largest real estate companies in the Egyptian market by providing smart integrated communities with unique regional standards," said Abdelrahman Agamy, CEO of Diamond Group and Sky Abu Dhabi Developments, "This vision conforms to the NAC's strategy that aims to become a smart city." CCO Mostafa Salah said that the company has studied Egypt's real estate market to identify the customer's needs. He noted that it is also looking forward to offering a different distinctive product that matches the customer's requirements and capabilities. Salah explained that Sky Abu Dhabi Real Estate Developments targets a wide spectrum of customers across the country, as well as Egyptians working abroad. "The Egyptian real estate market is a promising and attractive market for investors, as it is distinguished by many competitive advantages," Salah said, "This includes the increasing population, which reflects the permanent need for continuous urban development, as well as various incentives and facilities for foreign investments, which were introduced by the new investment law."
