Egyptian real estate firm Ora Developers — led by b’naire Naguib Sawiris as chairman and CEO — has launched its flagship project in the UAE, a coastal 4.8 mn sqm development between Dubai and Abu Dhabi named Bayn at a launch event yesterday. The project will cost some USD 10 bn to develop, Sawiris told EnterpriseAM UAE.

What we know: The development stretches over a 1.2km coastline, and will include a marina, business park, sports club, and several other amenities, in addition to a low-density masterplan of townhouses and villas. Bayn is located approximately 35 minutes away from Downtown Dubai and 45 minutes away from Abu Dhabi’s city center.

Bayn will be rolled out in phases, with the launch of the second phase expected to come sooner than initially planned due to the strong demand from buyers, Sawiris told us. The launch of the second phase was planned for after the summer.

REMEMBER- The developer just opened its UAE headquarters in Dubai, with plans to triple its workforce by the end of the year. Besides Bayn, the firm is also building a family luxury community with US operator Discovery Land Company with a private 18-hole golf course, we reported previously.

All eyes on Ghantoot for now: The developer will wait until at least 30% of Bayn is complete before launching other projects, Sawiris said, adding that it needs to build a name for itself in the UAE. Sawiris noted that while higher inflation at Ora’s home base in Egypt has hit margins and profitability, the UAE is much less exposed to economic headwinds, and support from leadership has made its expansion to the UAE a very smooth process.

A UAE IPO is in the cards: Ora Developers is eyeing a listing in three or four years in the UAE, Sawiris confirmed.

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