Al Ahly Sabbour announced in January the launch of “Wadi
Zaha” in Sultan Haitham City, with investments totaling OMR 90 million (EGP
11.3 billion). The project spans 100 acres and includes three main residential
districts Wadi Zaha, Wadi Safa, and Wadi Tala, with approximately 3,500 diverse
housing units.
The chairman noted that the company has been seeking to
expand into the Saudi market for three years, but has yet to achieve tangible
results. He added that, in addition to Oman and Saudi Arabia, the company is
planning a major residential project in Iraq in partnership with a private
firm. A dedicated team has been studying the project for four months, and
negotiations are ongoing with several companies to develop land in Baghdad.
The chairman confirmed that the company is looking to
acquire 1,000 acres in Ras El Hekma on the North Coast once Modon UAE begins
offering land to developers. He said the company is ready to invest as soon as
the offerings open, but is still in the waiting phase. He also indicated that
the company is seeking new bank financing to support its future projects
through discussions with the National Bank of Egypt, Banque Misr, and
Commercial International Bank, without disclosing the financing amounts.
The company aims to invest EGP 10 billion across its various
projects in 2025 and is currently planning the targeted investment volume for
2026.