UAE developers launch EGP 36 bn project in New Cairo: Horizon Egypt Developments — a real estate firm backed by UAE investors — last week unveiled its maiden real estate project, dubbed Saada New Cairo, according to local media reports.

About the project: The multi-use Saada development is set to cost some EGP 36 bn in initial investment. The 370-feddan plot in New Cairo will feature 1.3k villas, two hotels, 250 serviced apartments, an international school, a club, a mall, and a commercial and administrative area.

Horizon? The company is owned by the UAE’s Sheikh Majid Bin Saeed Al Nuaimi, a member of the Ajman royal family and head of the emirate’s court. It also counts Abdullah and Adnan Saffarini of Dubai-based architect and engineering consultant firm Adnan Saffarini Group among its founders, according to the company’s LinkedIn page.

Timeline: Reservations open this month for the first phase of the project, which includes 282 villas and has already been completed. Horizon has signed with Saudi firm Abdulla Al-Mis’hal Contracting to construct the project’s remaining phases, which is expected to take four to five years.

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