ZAWYA-SNG: Orascom Development Egypt launches ‘Nuba’ in El Gouna with $55mln sales target

Staff WriterEgypt - Orascom Development Egypt has launched its latest residential project, “Nuba”, in El Gouna, featuring 97 units and targeting total sales of EGP 3bn.The company aims to complete and deliver the project within two years, underscoring its focus on accelerated construction timelines and efficient execution.Speaking during a roundtable discussion, Mohamed Amer said the project is witnessing strong demand, driven by increasing interest in El Gouna as a residential destination, supported by ongoing development and enhanced infrastructure. He noted that around 40% of the company’s sales are generated from international clients.Amer added that “Nuba” spans more than 30,000 square metres and occupies a prime location within El Gouna, highlighting that the project is designed in line with global sustainability standards, reflecting the company’s long-term vision.He stressed that Orascom Development Egypt’s fast-track construction approach across its projects helps mitigate risks associated with delays, enabling the company to consistently meet delivery schedules.On pricing trends, Amer said it remains difficult to accurately forecast real estate price movements amid continued global economic volatility and geopolitical uncertainty.El Gouna recorded revenues of approximately EGP 20bn last year, according to Amer, who pointed to a growing trend of foreign residents extending their stays in the city, helping to offset periodic slowdowns in demand. He also revealed plans to launch additional projects in El Gouna in 2026.On the tourism front, Amer noted that geopolitical tensions—including the Iranian-US conflict—had a temporary impact on hotel occupancy rates during March and April. However, he said the market has begun to recover, with bookings improving from May onwards.He added that the domestic market has played a key role in sustaining demand, with hotel occupancy rates expected to reach around 78%, up from 75% last year.Amer concluded that geopolitical risks remain the primary challenge facing Egypt’s tourism sector. However, El Gouna’s diversified model—spanning residential, hospitality, and city management—provides resilience and flexibility. He also highlighted the city’s reliance on diversified international markets, including Europe and the United States, alongside foreign currency-based revenues, which support investment stability amid exchange rate fluctuations.© 2026 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.