A senior official at Sky Abu Dhabi, a subsidiary of the UAE-based Diamond Group, said Egypt’s Ras El-Hekma project has caused land prices in the North Coast to double and driven residential unit prices up nearly threefold.
In February 2024, Prime Minister Mostafa Madbouly announced a $35 billion real estate deal granting UAE’s Modon Properties development rights over Ras El-Hekma, marking what officials described as Egypt’s largest-ever foreign direct investment.
This landmark agreement aims to transform the Mediterranean headland into a major urban and tourism destination.
Speaking on the sidelines of a press conference in Cairo today, the Sky Abu Dhabi official told Al Manassa that profits from North Coast real estate projects are now three times their construction costs, compared to previous margins of just 100%.
The official added that Sky Abu Dhabi plans to funnel 80 billion Egyptian pounds ($1.62 billion) into its Ras El-Hekma project, projecting a substantial 240 billion pounds ($4.86 billion) in revenues.
This investment includes the cost of a 430-feddan plot in Ras El-Hekma, valued at 20 billion pounds ($405 million)—a significant portion of which was paid in Sdollars, the official noted. An additional 60 billion pounds ($1.22 billion) is allocated for construction and infrastructure.
On his end, Sky Abu Dhabi CEO and Managing Director Abdelrahman Agami said the project will be developed over five phases and completed within four years.
Sky Abu Dhabi’s total investments in Egypt have climbed to 99 billion pounds ($2.01 billion) following the launch of its Ras El-Hekma development. The company is now eyeing further expansion, with Agami announcing during the conference plans for additional land acquisitions in West Cairo.
Egypt and the UAE officially launched the Ras El-Hekma project on Oct. 4, 2024. Immediately following, Modon Properties signed cooperation agreements with a first group of developers and investors, including three Egyptian companies.
