Cairo – Mubasher: Il Cazar Developments has launched the Safia project in the Ras El-Hekma area of Egypt’s North Coast, with investments totalling EGP 30 billion.

Safia, a residential and hotel development, will span 180 acres, according to a press release.

Construction is set to begin soon, with a completion target of 2029. The project will allocate 15% of its area to construction, with the remaining space dedicated to lagoons, landscapes, and services.

Il Cazar Chairman and CEO Nader Khozam highlighted Ras El-Hekma's strategic location and unique tourist appeal, emphasising the project's investment potential.

Khozam stated that the company plans to select strategic locations and seek investment opportunities in East and West Cairo.

The expansion will include residential, commercial, and administrative projects, leveraging Egypt's urban renaissance, the company's expertise, and partnerships with global and governmental entities, he revealed.

In February 2024, UAE’s ADQ signed an agreement to invest $35 billion in Egypt Ras El-Hekma.