Property developer Landmark for Real Estate Development (LMD) is in talks with the Egyptian government to develop a new USD 4 bn mixed-use project in Cairo, Managing Partner Hamad Al Abbar told Asharq Business (watch, runtime: 16:14). The development will be located in “one of Cairo’s newest urban areas” and could kick off construction before the end of 2025.

LMD is also planning to expand its footprint along Egypt’s Mediterranean coast, with a new hospitality project set to open in two months and potential agreements for two or more new North Coast ventures expected next summer, Abbar added. The company is also currently in talks with UAE-based Modon Holding — the lead developer for the USD 35 bn Ras El Hekma project — to develop a project in the new mega project.

The strength of Egypt’s real estate market lies in the prominence of local buyers, who make up over 95% of sales and make the sector “more resilient to external variables,” he noted. This, along with the sheer size of Egypt’s population, make Egypt’s real estate market “huge and structurally different” from other markets in the region.

Another reason why Egypt accounts for 80% of LMD’s USD 6 bn investment portfolio is the availability of land — something in short supply in places like Dubai. While eyeing a larger presence in the UAE to add to its three delivered and eight in-the-works projects and meet strong demand, land availability remains the biggest challenge, he said.

Tags: