By: Abdullah Bedeir
Cairo – Mubasher: Orientals for Urban Development (OUD) is planning to increase its total investments in Egypt to EGP 2.9 billion in 2018, while achieving EGP 2 billion sales, owner and board member Mohammed Farid Khamis told Mubasher in an interview.
For 2018, OUD is planning to invest EGP 2.2 billion to finance a variety of construction projects, he added.
OUD is also looking to achieve EGP 1.5 billion in sales from its J’noub project in the News Administrative Capital next year, he said, indicating that his company was going to pump around EGP 750 million in investments during the same period.
Total investments in J’noub are set to reach EGP 3.9 billion, the top official went on, noting that this sum will be invested over a three-year period comprising four instalments. We are seeking around EGP 5.5 billion in sales from the entirety of the project, he added.
Speaking about OUD's Azadir New Cairo project, which was launched in April, Khamis said that the company achieved EGP 400 million in sales from the EGP 1 billion project.
From January to July, OUD injected about EGP 500 million in different of projects, generating EGP 600 million on sales, OUD's founder noted.
The developer has acquired a 50-feddan plot in El Dabaa in the North Coast to launch a major project comprising 1,000 residential and hotel apartments, along with a hotel and an entertainment and shopping area, he added during the interview, indicating that the new project was to be launched next year, while project execution would take three years to complete.
Established in 1994 with $3.5 billion in investments, OUD is a wholly-owned company by Oriental Weavers.
Translated by: Muhammad Khalid
