OUD to pump EGP1.1bn investments into the Egyptian market in 2020
Orientals Urban Developments, a subsidiary of Oriental Weavers, is set to pump up to EGP1.1bn investments into the Egyptian market in 2020, according to owner and board member of OUD Mohmed Mohmed Farid Khamis.
“ The company seeks to inject more investments and carry out a plethora of varied real estate projects in Greater Cairo and Egypt’s Northern and Red Sea coasts,” said he.
OUD will hike investments during 2020 by 57% up from EGP700m in 2019, he added.
“ During 2020, new projects will be unveiled and OUD will finally kick-start projects in the urban communities of Northern Coast and New Skeikh Zayed.”
Khameis vowed to introduce innovative projects meeting needs of the real estate sector as well as a wide range of clients.
Regarding sales targeted by OUD throughout 2020, Khameis said that the company aims to conclude EGP2.5bn sales as compared with a total of EGP1.7bn inked in 2019. Sales spiked owing to new projects introduced by OUD this year.
OUD will launch SideWalk project in 2020 over 15,000m area at the New Administrative Capital. SideWalk will be a three-storey building and will deliver commercial services.
“OUD will release a new phase of its Jnoub project at NAC, as the company has recorded EGP850m sales there in 2019.”
Jnoub project, made up of 1900 housing units ranging from flats and villas at varied sizes, will be finalized and delivered by 2023. The project is constructed jointly with KVRD.
SideWalk, situated at the Golden Square area inside the 5th Settlement, is set to be inaugurated late this year.
OUD, working in the Egyptian market since 1994, has carried out outstanding projects, such as Nakheel, Yasmine Suburb, Baron City, Baron Mall, Baron Royal Towers, Fountain Park New Cairo, and Heliopolis Hills El-Obour.
OUD accomplished remarkable projects, such as Jnoub at the New Administrative Capital, Oriental Coast at Marsa Alam, Compound Azadir at New Cairo and Orientals Industrial City (OIC) at Ein Sokhna.
