Saudi Egyptian Developers launches its latest project in the Fifth Settlement

Mohamed Al-Taher: We have increased sales during 2019 and 2020 - reaching a total of EGP 7.4 billion

Offering around 3,000 job opportunities, the new project is inclusive: administrative, commercial, medical, and entertaining.

Saudi Egyptian Developers (SED), one of the leading companies in real estate market, has announced its newest project in Fifth Settlement, New Cairo. The novel project sits on a 21.6-acre or 91,000 square meters’ space, with a total investment spending of 2.8 billion Egyptian Pounds.

Engineer Mohamed Al-Taher, CEO, has assured that the newly-acquired land is another milestone in the company’s continuous series of accomplishments since its commencement in 1975. During that period, SED has executed 44 residential, administrative, commercial as well as touristic projects. Al-Taher added that SED is currently spending around EGP 19 billion on the projects at hand.

Moreover, the company’s CEO has stated on the occasion of launching SED’s new premises and sales office in the Fifth Settlement, that: “We have managed to highly increase our sales rate during the past two years, in spite of the unprecedented drawbacks of COVID-19.

” He further illustrated that the company has surpassed the EGP 1.8 billion mark in 2019, achieving a staggering 575% growth rate in comparison to the year before. In 2020, SED managed to top its sales yet again, reaching a steady EGP 5.6 billion and achieving a 310% growth increase.

In addition, the company’s sales performance during 2021’s Q1 reached EGP 1 billion, compared to a mere 383 million in 2020’s Q1, and achieving a 275% growth. This massive potential and the impressive ability for growth showcase SED’s solid presence in the local real estate market.

As for the latest project, engineer Mohamed Al-Taher explains how the company conducted extensive market researches, which in return resulted in an EGP 8-billion multi-use complex.

Moreover, Al-Taher unfolds that SED’s newest project stands on a 160,000 meter squared space, including a commercial complex, administrative offices, clinics, and medical centers, along with entertainment and walking venues.

The project will have comprehensive transportation services and meeting points; as well as a five-star hotel. “The project will also adhere to the highest quality standards, advanced construction protocols, and smart designs, that can be utilized and re-constructed easily.

Lastly, Al-Taher added that the project taps on great strategic goals, where it will serve - upon finalizing - more than 1 million residents.

This number is expected to grow to 6 million people by 2030, as the semi-circular project, of a 6.5-kilometer diameter, is located at the heart of New Cairo, with Cairo-Suez road on the north, Cairo-Sokhna road to the south, Ring Road on the west, and the Regional Ring Road on the east; the project, too, stands on three main axes; North and South Teseen, as well as Mohamed Naguib Axis.

Furthermore, the project will allocate between 2,000 to 3,000 direct and indirect job opportunities, aligning with President Abdelfattah Al-Sisi and the government’s aims to combat youth unemployment.