Orascom Development Egypt has launched its latest residential project, Nuba, in El Gouna, featuring 97 units and targeting EGP 3bn in total sales. The company aims to complete and deliver the project within two years, emphasizing accelerated construction timelines. Mohamed Amer reported strong demand driven by growing interest in El Gouna as a residential destination.
Orascom Development Egypt unveiled the Nuba project in a prime location within El Gouna, spanning more than 30,000 square metres and designed to global sustainability standards.
During a roundtable discussion, Mohamed Amer stated the project is seeing strong demand, fueled by increasing interest in El Gouna supported by ongoing development and improved infrastructure. He noted that around 40% of the company's sales come from international clients. Amer emphasized that the fast-track construction approach across projects mitigates delay risks and ensures consistent delivery schedules.
He described forecasting real estate prices as challenging amid global economic volatility and geopolitical uncertainty. El Gouna recorded revenues of approximately EGP 20bn last year, with a growing trend of foreign residents extending their stays, according to Amer.
The company plans to launch additional projects in El Gouna in 2026. On tourism, Amer said geopolitical tensions, including the Iranian-US conflict, temporarily affected hotel occupancy in March and April, but recovery began in May with bookings improving. Domestic demand has sustained the market, with occupancy expected at 78%, up from 75% last year.