Egypt: LUD Achieves $80 Million in Sales

The figures were achieved from the sales of the developer’s Rift Business Park in Mostakbal City

Lozan Urban Development Group (LUD) has announced exceptional sales of EGP 2.5 billion from its innovative project, The Rift Business Park, which is located in east Cairo between the gates of Mostakbal City and the New Administrative Capital (NAC). Adel Abdel Moneim, the chairperson of LUD, said that the company launched its project, The Rift, in partnership with El Rabwa Group in the second quarter of 2023. The company launched the first and second phases of the project throughout the year due to high demand.

He said that the company plans to launch the project in five sales and marketing phases and has completed 85% of the first and second phases. He also said that the company plans to launch the third phase in the second half of 2024, along with the start of excavation and construction work in the project. The company aims to deliver the business park on schedule. Moreover, LUD plans to invest EGP 1 billion in construction in the current year to speed up the construction process.

The Rift Business Park is a commercial, administrative, medical, and entertainment project in New Cairo. It has the first and largest plot in Mostakbal City and the first plot on the Mohammed bin Zayed axis. It is directly on the Middle Ring Road, covering 70,000 square metres.

The project has two parts: the first part has 27% of the area for shops, administrative offices, and medical clinics. The first building has a ground floor and three upper floors. The second part has 32% of the area for commercial properties only on the ground floor and two upper floors.

Abdel Moneim said that the company has contracted with a coalition of companies that includes senior consultants, such as Mohamed Talaat, the engineering consultant for the project, and KAD, the leader in the field of operation and management of commercial projects. The company has also contracted with JLL, a property consultancy company, Shaker Group, one of the largest electromechanical companies, ETQAN Business Development for financial and marketing studies, AZ Studio, one of the branding companies in Egypt, and Silver Screen, the advertising company and the official advertising agent for the company.