Cairo – Mubasher: Orientals For Urban Development (OUD) aims to increase its sales by 47% to EGP 2.5 billion ($160 million) in 2020, the company’s managing owner Mohamed Mohamed Farid Khamis told Reuters.

OUD also plans to raise its investments by 57% to EGP 1.1 billion to be injected into several property projects, Khamis added.

Khamis further revealed that the Egyptian firm will launch new projects in Sheikh Zayed in west Cairo and Marsa Allam on the Red Sea.

Moreover, the company’s first service project in the New Administrative Capital will be launched this year, he noted.

A new phase of “Jnoub” project will be launched in the new capital after its sales exceeded EGP 850 million in 2019, Khamis revealed, adding that the project is due to be delivered in 2023.

In addition, the company plans to inject EGP 600 million into Oriental Coast Rally Marsa Alam in 2020 to establish diverse entertainment and commercial facilities.

Since its establishment in 1994, OUD, which has a paid-up capital of EGP 223 million and an authorised capital of EGP 1 billion, has built over 15 residential projects featuring more than 6,000 residential units over 520 feddans.

Currently, the company awaits the required approvals to launch a new project in the North Coast this year, Khamis pointed out.