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 of the project is expected to be delivered by 2024, as it has been sold out, which represents 30% of the project’s total units. It is expected that the rest of phases will be launched in the coming period, starting from summer 2023 until the completion of the entire Naia Bay within 3 years from now.
He elaborated that Naia Developments is making a strong start in the Egyptian market, with current investments in the Naia Bay project amounting to about EGP 7bn, and investing EGP 11bn in the Naia West project, aiming to double its investments to reach EGP 40bn over the next 3 years.
Naia’s current land portfolio amounts to 250 feddan, with investments amounting to EGP 19bn in the Naia Bay and Naia West projects, he added.
Farag revealed that the company intends to contract with an international operator to manage one of the 5-star hotels located in Naia Bay with 300-room capacity. It also includes a mixed-use and service area that encompasses 30 brands.