Sky AD Developments, a prominent subsidiary of the UAE-based Diamond Group, has announced the launch of an ambitious mixed-use project, Sky North, on Egypt’s scenic North Coast in Ras El Hekma. With an investment totaling 80 billion Egyptian pounds ($1.62 billion), this development is set to redefine coastal living and leisure in the region.
CEO AbdelRahman Agamy revealed that Sky North will span an impressive 430 acres, featuring 5,500 residential units, a luxurious five-star hotel, vibrant retail zones, and a breathtaking 50-acre Crystal Lagoon. The project, designed by the renowned WATG London, will be rolled out in five phases, with complete delivery anticipated within the next four years. The development aims to generate substantial economic impact, targeting total sales revenues of EGP 240 billion ($4.9 billion).
Agamy also hinted at future plans, mentioning a new development in West Cairo, though details remain under wraps. This aligns with Sky AD’s strategic expansion across Egypt, where the company has already invested EGP 99 billion ($2 billion) since 2021 in a variety of projects. Their real estate portfolio includes significant ventures such as Residence Eight, Capital Avenue, and the Bluetree residential and commercial project located in New Cairo’s prestigious Golden Square.
Industry experts have commended Sky AD’s initiative, noting the potential economic and social benefits. Dr. Amr El-Shahat, a real estate analyst at the Cairo Economic Forum, commented, “Projects like Sky North not only boost local economies through job creation and increased tourism but also raise the bar for luxury and sustainable living in Egypt.”
Sky North’s launch comes at a time when Egypt’s real estate market is witnessing a surge in demand for high-end, integrated developments. This trend is driven by both domestic buyers and international investors seeking premium coastal properties that offer a blend of relaxation, modern amenities, and investment potential.
