EGYPT – City Edge Developments, a real estate developer and development manager, has signed a strategic memorandum of understanding with Sky Investments, a private investment company.
The MoU allows the City Edge to take part in the marketing, leasing, and property management of Sky Investment in CED’s project in Sheikh Zayed.
Moreover, the two companies will participate in financing, construction, marketing, selling, or leasing of CED’s future projects and any new activities and operations, whether at the residential, commercial, administrative, hotels, or recreational levels.
“The signing comes as part of CED’s strategic plan, aiming at expanding the scope of its investments, establishing more partnerships with big entities operating in the real estate sector at the regional level, and working to achieve investment returns that will be beneficial to its stakeholders and customers,” Ashraf Salman, Chairman of the Board of Directors of City Edge Developments, said.
From his perspective, Mohamed El-Mekkawy, CEO of City Edge, said that the cooperation with Sky Investments aimed to maximize the value of City Edge projects by relying on companies specialized in the field of project management, leasing and property management for brands, to achieve respectable investment returns for these projects as a result of professional management, and exploitation.
“We have many investment activities and businesses in Egypt across various industries, including energy, logistics, real estate, and tourism,” Eng. Ayman Fathy Hussein, Chairman of Sky Investments, said.
“We aim to achieve high investment returns with our partners. By signing a memorandum of understanding today with City Edge, we aim to maximize our investments through one of the most important and largest real estate developers in Egypt.
“CED has a wide portfolio of large and multiple projects that cover numerous fourth generation new cities and focuses on creating integrated communities; that allows Sky to offer its services and highlight its role in the field of property management, marketing, and financing.”
Eng. Ahmed Shalash, CEO of Sky Investments, said that the company will make the most of the opportunity with City Edge by harnessing all its capabilities, and working on integrating experiences between the two large entities to maximize the investment return on their projects.