Tue, 15 Jun 2021 - 05:07 GMT
Tue, 15 Jun 2021 - 05:07 GMT
City Edge Developments signed a strategic memorandum of understanding with Sky Investments that allows the company to take part in the marketing, leasing, and property management of brands 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 of the memorandum of understanding was announced at a major press conference held by the two companies on Monday, June 14th.The event was attended by Mr. Ashraf Salman, Chairman of City Edge Developments, Dr. Mohamed El-Mikawi, CEO of the company. And attended from Sky Investments’ side; Eng. Ayman Fathy Hussein, Chairman of the Board of Directors of Sky Investments, and Eng. Ahmed Shalash, CEO of the company, in addition to media representatives and real estate investors.
Ashraf Salman, Chairman of the Board of Directors of City Edge Developments, stated "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.”
From his perspective, Mohamed El-Mekkawy, CEO of City Edge, stressed, “The cooperation with Sky Investments aims 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”.
Eng. Ayman Fathy Hussein, Chairman of Sky Investments, stated "We have many investment activities and businesses in Egypt across various industries, including energy, logistics, real estate, and tourism. 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, stated "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."