Egypt’s WDD to double construction spend to $81mln in 2023

Egypt's Wadi Degla Developments (WDD) plans to double its spend on construction in 2023 compared to the previous year, its Deputy CEO said.

Raymond Ahdy told Zawya Projects that the company spend one billion Egyptian pounds ($40 million) for construction works in 2022 and is planning to pump EGP2 billion ($81 million) into construction for various projects in 2023.

The developer recently launched EGP1.5 billion ($61 million) ‘Club Town’ residential project in Maadi, Cairo.

Ahdy said the 550-unit project, spread over an area of 140,000 square metres, comprises of apartment and duplexes, and would be delivered in three phases. He said the first phase comprises of 124 units.

WDD is aiming to deliver a total of 2,000 units across all its projects in 2023.

“In 2021, WDD had delivered 1,400 residential units; in 2022, we have delivered 1,660 units and in 2023, we plan to deliver 1,800 units,” he said.