Cairo — Orascom Development Egypt has launched its latest residential project, “Nuba,” in El Gouna, targeting total sales of approximately EGP 3 billion, according to company statements.
The development comprises 97 residential units spanning over 30,000 square metres, with completion scheduled within two years, reflecting the company’s focus on accelerated construction and efficient execution. Early indicators point to strong demand, supported by El Gouna’s growing appeal as an integrated residential and tourism destination.
Chief Executive Mohamed Amer stated that around 40% of sales are generated from international buyers, highlighting sustained foreign interest in the Red Sea destination. The project is designed in line with international sustainability standards, aligning with the company’s long-term development strategy.
Amer noted that Orascom Development’s fast-track construction model helps mitigate delivery risks and maintain timelines, particularly amid cost volatility. He added that real estate price trends remain difficult to predict given ongoing global economic uncertainty and geopolitical pressures.
El Gouna continues to deliver solid performance, generating approximately EGP 20 billion in revenues over the past year, driven by its diversified model across residential, hospitality, and city management. The destination is also seeing longer stays from foreign residents, helping stabilize demand.
While regional tensions temporarily weighed on hotel occupancy during March and April, bookings have begun to recover, with occupancy expected to reach around 78%, up from 75% last year, supported by resilient domestic demand.
Looking ahead, the company plans to launch additional projects in El Gouna in 2026, reinforcing its expansion strategy. Despite ongoing geopolitical risks, Amer emphasized that the destination’s diversified revenue base and exposure to international markets—particularly Europe and the United States—continue to support investment stability.
