Madaar to invest EGP 5bn in its projects in 2023

CEO of Madaar Ahmed Ehab has announced that the company plans to direct investments worth EGP 5bn in Egypt’s real estate market in 2023, bringing its total investments to EGP 35bn.

He added that the company has outlined expansion plans, which it aims to carry out major real estate touristic and residential projects. These projects will be part of the company’s investments, which started with executing the Azha Sokhna in 2015.

He added that the company continues to carry out Azha Sokhna’s construction, after investing billions of Egyptian pounds, to deliver new units in the coming months, noted that Azha Sokhna’s resort was the core of the company’s investments in the Egyptian real estate market as Ain Sokhna is one of the most important coastal cities in Egypt and the Middle East.

The CEO of Madaar pointed out that Azha Sokhna spans over 400 acres, with a 700m-beach front in a touristic area, pointed out that the company succeeded in building and developing 70% of Azha Ain Sokhna after opening Tanoak hotel, which is the first touristic hotel within the project as it aims to attract international tourism to Ain Sokhna, with investments valued at EGP 350m. 

Tanoak hotel includes 150 units, as the company will finish building four other hotels in the upcoming years, Ehab disclosed, elaborated that Azha Sokhna resort witnessed the launch of Crystal Lagoon’s first phase, providing more than 6-kilometer sandy beaches with an area exceeding 20 acres.