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Naguib Sawiris: We are negotiating with government agencies to build an entire city outside Baghdad
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Economy News - Baghdad
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Added 12/07/2023 - 4:20 PM
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Egyptian businessman Naguib Sawiris
Egyptian businessman Naguib Sawiris
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Economy News - Baghdad
Egyptian businessman Naguib Sawiris, Chairman of the Board of Directors of the Ora Developers Group, said on Thursday that the company is negotiating with Iraqi government agencies to build an entire city outside Baghdad with very huge investments.
Sawiris explained during a press conference to announce the delivery of the first phase of the “ZED Sheikh Zayed” project that work is underway to determine its size during the current period on an area of 55 million square meters.
Sawiris added, “Our work in Egypt cannot be stopped due to the presence of a large number of employees, and the increase in unit prices has certain limits and will stop, which erodes the company’s profits.”
The CEO and Chairman of the Board of Directors of Ora Developers Group confirmed that some units were sold at a price of 5 million pounds, and their prices have now risen to 15 million pounds with the start of delivery.
Regarding the idea of heading to the Saudi market, he stressed that other projects cannot be implemented externally in addition to another project in the Emirates that requires investments of 15 billion dollars.
He pointed out that "the government's facilities for developers are somewhat weak. We offer the company to the government, but we ask them for more, in addition to allowing the sale of units in dollars inside and outside Egypt."
Views 32
Added 12/07/2023 - 4:20 PM
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