Latest news with #AhmedSabbour
Zawya
17-04-2025
- Business
- Zawya
Al Ahly Sabbour launches Egypt's first 'own-to-rent' development in New Cairo
Egyptian developer Al Ahly Sabbour Developments announced on Wednesday the launches the first phase of 'The Mornings,' the country's first 'Own-to-Rent' project. The company said in a press statement that the mixed-use project, spread over an area of 14 acres in New Cairo, contains 630 residential, commercial, administrative and medical units The statement said the project is anticipated to generate sales worth 11 billion Egyptian pounds ($215 million). Al Ahly Sabbour has collaborated with local building management services firm BirdNest to roll out the 'Own to Rent' concept. Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour said the project is designed to cater to the growing demand for ready-to-rent properties from locals, tourists, and Egyptians living abroad 'With Egypt welcoming 15.7 million tourists in 2024, and a rising influx of expatriates and foreigners seeking furnished units in strategic locations like New Cairo, the demand for flexible, hassle-free housing solutions is at an all-time high,' he noted. Al Ahly Sabbour has teamed up with Rich House for project management and supervision and Azure for design. Project cost and completion timelines weren't disclosed. (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
13-02-2025
- Business
- Zawya
Egypt's Al Ahly Sabbour to invest $197mln in 2025
Egypt - Al Ahly Sabbour Developments has reported a strong performance in 2024, surpassing its annual sales target by achieving EGP 32.5bn compared to the projected EGP 30bn. The company also delivered 2,500 residential units this year and plans to hand over an additional 1,500 units in 2025. Looking ahead, Al Ahly Sabbour aims to generate EGP 32bn in sales next year, backed by an ambitious EGP 10bn investment plan to accelerate construction and development across its projects. During a recent press conference, the company announced new partnerships with leading global and local firms to enhance its developments. Egyptian infrastructure giant EJAB has been contracted to commence infrastructure works for the KEEVA project, with an investment of EGP 1bn. Additionally, Al Hazek Constructions has successfully completed the first phase of KEEVA. For the Alaire project, Build Tec has been assigned to develop infrastructure and roadworks following its successful execution of L'Avenir in Mostakbal City. Meanwhile, construction firm ICON will handle the exterior walls and gates for Alaire, Woodwalks, Rare, and The Ridge, ensuring high-quality standards. Several of Al Ahly Sabbour's key projects have reached significant milestones. The Green Square project has been fully delivered, while L'Avenir is 100% constructed, with 60% of units already handed over and the remaining deliveries scheduled for completion by the second quarter of 2025. The first batch of Alaire deliveries is set for 2025, while the first phase of the GAIA project has been completed, with Phase 2 deliveries beginning in summer 2025 and full completion expected by summer 2026. In the KEEVA project, Phase 1 deliveries will start by the end of 2025. As part of its regional expansion strategy, Al Ahly Sabbour has launched Wadi Zaha in Sultan Haitham City, Oman, while maintaining a strong focus on Egypt's real estate sector. The company will begin 2025 with two major project launches. SUMMER VIBES, the second phase of the SUMMER project in the North Coast, will feature 1,728 residential units with a total investment of EGP 10.5bn. Chalets will range from 88 sqm to 134 sqm, some offering private gardens or rooftop terraces. Positioned near a central lagoon, the phase will also include a boutique hotel, retail outlets, entertainment zones, and dining options. To ensure world-class quality, Al Ahly Sabbour is partnering with a globally renowned beach design consultancy to develop SUMMER's private beach. In parallel, the company is expanding its AT-EAST project in Mostakbal City with a new release valued at EGP 2bn. The development will feature 700 residential units, including villas, apartments, and penthouses, with sizes ranging from 65 sqm to 160 sqm. Commenting on the company's growth and vision, Ahmed Sabbour, Chairperson and Managing Director of Al Ahly Sabbour, stated: 'As we enter 2025, we embark on a new chapter—expanding our projects with new phases that align with our vision of creating vibrant, distinguished communities that meet the aspirations of our clients and future generations while contributing to Egypt's Vision 2030 urban development strategy.' This latest expansion reaffirms Al Ahly Sabbour's commitment to driving innovation in Egypt's real estate market while pursuing new opportunities regionally.
Daily News Egypt
13-02-2025
- Business
- Daily News Egypt
Al Ahly Sabbour to invest EGP 10bn in 2025
Al Ahly Sabbour Developments has reported a strong performance in 2024, surpassing its annual sales target by achieving EGP 32.5bn compared to the projected EGP 30bn. The company also delivered 2,500 residential units this year and plans to hand over an additional 1,500 units in 2025. Looking ahead, Al Ahly Sabbour aims to generate EGP 32bn in sales next year, backed by an ambitious EGP 10bn investment plan to accelerate construction and development across its projects. During a recent press conference, the company announced new partnerships with leading global and local firms to enhance its developments. Egyptian infrastructure giant EJAB has been contracted to commence infrastructure works for the KEEVA project, with an investment of EGP 1bn. Additionally, Al Hazek Constructions has successfully completed the first phase of KEEVA. For the Alaire project, Build Tec has been assigned to develop infrastructure and roadworks following its successful execution of L'Avenir in Mostakbal City. Meanwhile, construction firm ICON will handle the exterior walls and gates for Alaire, Woodwalks, Rare, and The Ridge, ensuring high-quality standards. Several of Al Ahly Sabbour's key projects have reached significant milestones. The Green Square project has been fully delivered, while L'Avenir is 100% constructed, with 60% of units already handed over and the remaining deliveries scheduled for completion by the second quarter of 2025. The first batch of Alaire deliveries is set for 2025, while the first phase of the GAIA project has been completed, with Phase 2 deliveries beginning in summer 2025 and full completion expected by summer 2026. In the KEEVA project, Phase 1 deliveries will start by the end of 2025. As part of its regional expansion strategy, Al Ahly Sabbour has launched Wadi Zaha in Sultan Haitham City, Oman, while maintaining a strong focus on Egypt's real estate sector. The company will begin 2025 with two major project launches. SUMMER VIBES, the second phase of the SUMMER project in the North Coast, will feature 1,728 residential units with a total investment of EGP 10.5bn. Chalets will range from 88 sqm to 134 sqm, some offering private gardens or rooftop terraces. Positioned near a central lagoon, the phase will also include a boutique hotel, retail outlets, entertainment zones, and dining options. To ensure world-class quality, Al Ahly Sabbour is partnering with a globally renowned beach design consultancy to develop SUMMER's private beach. In parallel, the company is expanding its AT-EAST project in Mostakbal City with a new release valued at EGP 2bn. The development will feature 700 residential units, including villas, apartments, and penthouses, with sizes ranging from 65 sqm to 160 sqm. Commenting on the company's growth and vision, Ahmed Sabbour, Chairperson and Managing Director of Al Ahly Sabbour, stated: 'As we enter 2025, we embark on a new chapter—expanding our projects with new phases that align with our vision of creating vibrant, distinguished communities that meet the aspirations of our clients and future generations while contributing to Egypt's Vision 2030 urban development strategy.' This latest expansion reaffirms Al Ahly Sabbour's commitment to driving innovation in Egypt's real estate market while pursuing new opportunities regionally.
Zawya
12-02-2025
- Business
- Zawya
Egyptian developer Al Ahly Sabbour plans 20-25% EGX listing, eyes regional expansion
Egypti's Al Ahly Sabbour Developments is planning to offer between 20 to 25 percent of its shares on the Egyptian Stock Exchange (EGX) within the next 10 months, Chairman Ahmed Sabbour told Zawya Projects. The private developer is evaluating proposals from Beltone, CI Capital, Al Ahly Pharos, and EFG Hermes for advisory roles on the initial public offering (IPO), he said. Al Ahly Sabbour expects to appoint a financial advisor by June 2025, with the IPO process likely to take around 10 months thereafter, including regulatory approvals from the Financial Regulatory Authority (FRA), Sabbour said. "We are working around the clock on the offering file to take advantage of the current market momentum and maximise returns," he said. Established in 1998, Al Ahly Sabbour is a joint venture between multidisciplinary engineering services firm Sabbour Consulting and National Bank of Egypt (Al Ahly). In a press statement issued on Wednesday, the company said it achieved sales of 32.5 billion Egyptian pounds ($642 million) and delivered 2,500 units. Sabbour did not discuss the expected size of the offering but said the company plans to increase its capital, independent of the IPO, from EGP 300 million ($6 million) to EGP 550 million ($11 million) by the end of the year. Al Ahly Sabbour's listed industry peers include Palm Hills Development Company (PHDC), SODIC and Arab Developers. According to LSEG data, as on 12 February 2025, PHDC commanded a market capitalisation of approximately EGP 18.50 billion ($365.5 million), SODIC's stood at approximately EGP 22.10 billion ($437 million), while Arab Developers Holding's market cap stood at EGP 2.90 billion ($57 million). Regional expansion plans In addition to the EGX listing, Al Ahly Sabbour is also expanding into new markets in the Gulf region. In January 2024, the company announced the launch of the 23-acre, 760-unit 'Wadi Zaha' in its flagship project in Oman's Sultan Haitham City, at investment of 90 million Omani riyals ($234 million). The 100-acre project, which also includes Wadi Safa and Wadi Tala neigbourhoods, will feature approximately 3,500 housing units. In Saudi Arabia, the company is negotiating land acquisition with the Ministry of Municipalities and Housing and private companies. 'We are negotiating for a 250-acre land parcel in Khuzam [Riyadh region] for a residential project,' he said. Plans for 2025 According to the press statement, Al Ahly Sabbour is targeting sales of EGP 32 billion ($632 million) in 2025, backed by an ambitious investment plan of EGP 10 billion ($198 million) to accelerate construction and development across its projects. In 2024, the construction outlay was EGP 6 billion ($118.5 million). New contracts awarded include infrastructure works for the Keeva project in 6th of October to EJAB; infrastructure and roadworks for Alaire project in Mostakbal City to Build Tec, and exterior walls and gates for the Alaire, Woodwalks, Rare, and The Ridge projects to ICON. On the delivery front, the first phase of the Gaia project in Ras El Hekma has been delivered while 100 percent of the L'Avenir project in Mostakbal has been constructed, with 60 percent of units already delivered. The remaining deliveries are scheduled for completion by the second quarter of 2025. For the Alaire project, the first batch of delivery is set to commence in 2025 while for Keeva, Phase 1 deliveries will begin by the end of 2025. New projects debuting in 2025 are Summer Vibes, the second phase of the Summer project in the North Coast and Roofscape within the AT-EAST project in Mostakbal City. The total construction investment for Summer Vibes amounts to EGP 10.5 billion ($207 million), covering 1,728 residential units, while EGP 2 billion ($39.5 million) is being earmarked for the new 700-unit release within AT-EAST, the statement said. Al Ahly Sabbour's land bank stands at 4,000 feddans, spread across 65 real estate projects in East and West Cairo, the Red Sea coast, the North Coast and regional markets. (1 US Dollar = 50.62 Egyptian Pounds) (Reporting by Eman Hamed & Marwa Abo Al Majd) (Editing by Anoop Menon) (
