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Orascom Development Egypt, which is involved in real estate and tourism development and listed on the Egyptian Stock Exchange, expects its real estate sales to increase by about 18% during the third quarter of this year on an annual basis, according to Iskender Touma, Chairman of the Board of Directors of Zawya Arabi.
The company, one of the largest real estate developers in Egypt, has major projects, the most famous of which is El Gouna on the Red Sea coast, and includes hotels, restaurants and residential real estate, and the tourist city gained additional fame by hosting an art festival known as the "El Gouna Film Festival" in addition to Makadi Heights on the Red Sea, and the O West project on the sixth of October.
During the first half of the year, sales of the real estate sector recorded about 15 billion pounds, a growth of 30% year-on-year, as the real estate sector continued to maintain strong momentum, supported by flexible demand, pricing policy and the ability to generate cash flows, according to the report issued by the company last August.
Asked about the company’s estimates of real estate sales growth in the third quarter of 2026 on an annual basis, he said: “It was a significant increase. You can need to buy 18%," he said, declining to disclose the value of these sales.
According to Taama, the company faces challenges in providing raw materials and high cost, with an increase of 18-20 percent in cost at the moment.
Despite the repercussions of the war in the region, the company maintained the growth of tourism revenues during the first half of this year about 20% year-on-year, reaching about 3.3 billion pounds, while the occupancy rate reached 75% during the same period.
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