{"id":105649,"date":"2025-07-17T00:00:00","date_gmt":"2025-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sky-ad-breaks-ground-on-egp-80-bn-ras-el-hekma-project\/"},"modified":"2025-07-17T00:00:00","modified_gmt":"2025-07-17T00:00:00","slug":"sky-ad-breaks-ground-on-egp-80-bn-ras-el-hekma-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/07\/17\/sky-ad-breaks-ground-on-egp-80-bn-ras-el-hekma-project\/","title":{"rendered":"Sky AD breaks ground on EGP 80 bn Ras El Hekma project"},"content":{"rendered":"

Sky AD has<\/strong> launched its largest-ever Egypt project:<\/strong> Emirati real estate developer Sky Abu Dhabi (Sky AD) has broken ground on its EGP 80 bn (c. AED 6 bn) project<\/a> in Ras El Hekma \u2014 dubbed Sky North \u2014 the property developer said during a presser attended by EnterpriseAM earlier this week. <\/p>\n

What we know:<\/strong> 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 (AED 4.5 bn), with the company targeting contractual sales of EGP 240 bn (AED 17.8 bn).<\/span><\/p>\n

Sky North will include a year-round hospitality and commercial component<\/strong>, 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. It will also build what is set to be the North Coast\u2019s largest lagoon \u2014 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.<\/p>\n

This is Sky AD\u2019s biggest project in Egypt since it entered the market in 2021<\/strong>, 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.<\/p>\n

Targeting foreign demand:<\/strong> Roughly 50% of Sky AD\u2019s sales in Egypt to date have gone to non-residents \u2014 including buyers from the Gulf, foreign nationals, and Egyptians living abroad. <\/p>\n

Looking west:<\/strong> 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\u2019s first project in that part of the capital.<\/p>\n

REMEMBER- <\/strong>The USD 35 bn Ras El Hekma megaproject<\/a> in Egypt is backed by Abu Dhabi sovereign wealth fund ADQ, with Emirati developer Modon responsible for developing the first 50 mn phase of the 170 mn sqm project.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project is Sky AD\u2019s largest in Egypt to date<\/p>\n","protected":false},"author":1,"featured_media":105650,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[23,7,477,1048,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-105649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-egypt","tag-enterpriseam-uae","tag-hospitality","tag-ras-el-hekma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"8f5c39f8-9765-46aa-8afa-44440bb5a6c5","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/1050.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sky AD breaks ground on EGP 80 bn Ras El Hekma project","related_issue":[105635],"teaser":"The project is Sky AD\u2019s largest in Egypt to date","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.2a650e0c-f670-4011-b8ff-b10d161ffbf8.mp3"},"yoast_head":"\nSky AD breaks ground on EGP 80 bn Ras El Hekma project - 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