Wadi Degla Developments reveals its turnaround strategy

Wadi Degla Developments (WDD) recently revealed its turnaround strategy, which has served as a catalyst for the transformation of the company.

The strategy — which was quietly launched in 2018 — aims to ensure WDD’s performance and sustainability, allowing it to deliver upon its mandate by strengthening its governance controls, ensuring its financial viability, and allowing it to meet its customers’ expectations through a value driven offering.

In a press conference, Raymond Ahdy — Deputy CEO of WDD said: “The current market realities require a different highly-focused strategic approach in order to increase the organisations’ agility and improve efficiency. 2022 has been a difficult year for all sectors, with escalating inflation reaching 18.7% y-o-y in November of 2022 — the highest reading recorded in the last four years. Cumulatively leading to a surge in operational and financing costs, which in turn increased construction costs with an average of 33%.”