LMD Egypt is set to launch the New Zayed project in the expansions of Sheikh Zayed City, west Cairo, in the first quarter (Q1) of 2025, says the company’s CEO Amr Sultan.
Sultan told Daily News Egypt that the project, located on 150 feddans in front of Sphinx International Airport, will include residential and hotel units, along with a recreational, commercial, and administrative area. The project is expected to have reaching EGP 10bn, with anticipated sales of EGP 15bn.
Founded in 2007 by Egyptian businessman Ahmed Sabour, LMD manages a diverse portfolio of 23 projects across four countries, including Egypt, the UAE, Greece, and Spain.
Strategic projects such as Stei8ht, which is making significant progress in implementation, and One Ninety, which is still under construction, stand out. Additionally, the concrete works for the first and second phases of the Zoya project on the North Coast are expected to be completed by the end of 2024, while the 3’Sixty project on Bin Zayed Axis, New Cairo, is making steady progress.
Sultan noted that the company’s projects include more than 24,300 residential units and 1,330 hotel rooms, along with a built-up area of 5.5 million square meters for residential projects and 2.7 million square meters for commercial projects, reflecting the diversity of the company’s portfolio.
In Egypt, the company is executing several major projects, including Stei8ht, One Ninety, and 3’Sixty in New Cairo. Sultan also expects the concrete works for the first and second phases of the Zoya project on the North Coast to be completed by the end of 2024.
In the UAE, the company has completed major projects including Continental Tower and Marina Living in Dubai Marina, along with Rukan in Dubai Land and three projects in Al Jaddaf and Riverfront: Boutique 23, Boutique 12, and La Boutique. The company is also continuing the development of The Pier Residence in Dubai Maritime City.
In Europe, the company has completed all of its projects in Spain, while development continues in Greece after the delivery of several projects there, reflecting the company’s commitment to sustainable expansion and delivering world-class projects.
Regarding the hospitality sector, Sultan disclosed that hospitality is a key part of the company’s vision for growth and expansion in Egypt. Currently, LMD owns 1,330 hotel rooms and 1,800 fully-equipped hotel apartments through partnerships with global brands such as W in the W Residences project, as well as collaborations with Autograph Collection and Tribute Portfolio to deliver innovative hotel projects in the Zoya hotel on the North Coast.
Additionally, the More Serviced Residences project in New Cairo includes hotel apartments with green spaces, restaurants, and water areas.
The CEO revealed that the company is in the process of negotiating with major Egyptian banks to arrange a large financing package aimed at accelerating the construction pace of its projects. These agreements are expected to be officially announced at the beginning of next year, although the target financing amount has not been disclosed.
Sultan also mentioned that the company secured bank financing of EGP 2.8bn last month from a banking consortium led by Banque Misr. This financing will support part of the investment cost for the Stei8ht integrated residential project in New Cairo, with an estimated investment cost of around EGP 15bn.
“We aspire to become a global brand in real estate development. Our vision includes delivering innovative projects based on sustainable design, and smart technology, and promoting arts and culture. We plan to expand into global markets while focusing on strengthening our presence in local markets to remain at the forefront of companies shaping the future of real estate,” Sultan concluded.