Sky AD has launched its largest-ever Egypt project: Emirati real estate developer Sky Abu Dhabi (Sky AD) has broken ground on its EGP 80 bn project in Ras El Hekma — dubbed Sky North — the property developer announced during a presser attended by EnterpriseAM yesterday.

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What we know: The project will be carried out across five phases, with delivery beginning in four years, CEO Abdelrahman Agami said. Construction is expected to cost EGP 60 bn, with the company targeting contractual sales of EGP 240 bn.

Sky North will include a year-round hospitality and commercial component, with the company currently in talks with international hotel brands to operate a hotel and manage serviced apartments. The commercial area will also house global names in entertainment and dining, Agami said.

A warm winter lagoon + support for permanent living: Sky AD plans to build what it says will be the North Coast’s largest lagoon — a 50-feddan water body that will operate year-round thanks to specialized heating technology, Agami said. The project will be designed with permanent or long-term residency in mind, offering a full suite of lifestyle and entertainment services.

This is Sky AD’s biggest project in Egypt since it entered the market in 2021, Agami said, adding that it comes in addition to four active developments in the new capital and New Cairo, with a combined investment portfolio of around EGP 19 bn.

Targeting foreign demand: Roughly 50% of Sky AD’s sales in Egypt to date have gone to non-residents — including buyers from the Gulf, foreign nationals, and Egyptians living abroad.

Looking west: Sky AD is eyeing a plot in West Cairo for a new mixed-use development, Agami told EnterpriseAM. He declined to share further details but noted it would be the company’s first project in that part of the capital.

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