In a press conference held at the Marriot Hotel, Wadi Degla Developments presented its progress during the year, reiterating its commitment to continue along the strategic initiatives set out in 2022. The presentation emphasized its unwavering dedication to enhancing operational efficiency as the linchpin of its strategy in navigating Egypt’s challenging economic landscape. This resolute internal focus aims to strengthen the company’s resilience against economic fluctuations effectively.
Raymond Ahdy, CEO of Wadi Degla Developments, explained, “Our strategy is not solely focused on growth; it is centered on creating an efficient company with the potential for exponential growth. To achieve this, we must focus on becoming better.” This steadfast internal focus is integral to fortifying the company’s ability to withstand economic fluctuations and aligning its sales targets with a prudent policy of releasing a limited number of units per project for sale. Ahdy added, “This approach serves to safeguard against potential losses stemming from the impact of inflation while ensuring that our commitments remain a priority.”
Wadi Degla Developments’ unwavering dedication to this strategy has yielded significant results. Despite operational challenges, including the need to adjust the initial projection from 2,000 units in early 2023 to 1,600 units due to a 60% surge in construction costs, the company not only persevered but thrived. The delivery of 1,600 units, a substantial increase from the 750 units delivered in 2022, demonstrates its ability to respond effectively to economic pressures while maintaining operational efficiency. Ahdy sees this success as “a testament to the strategic restructuring initiated in 2022, which emphasizes operational efficiency and right-sizing in response to economic uncertainties.”
In this regard, Wadi Degla Developments has made substantial progress in addressing its construction backlog, which was exacerbated by the impacts of the pandemic and its aftermath. As a result, the company has successfully handed over 2,350 units to date, with an additional 1,500 units slated for delivery by year-end, aligning with the goal of entirely clearing the backlog by the close of 2026.
Supporting this success is a substantial increase in its sales revenue for 2023, reaching EGP 2.6 billion from the previous year’s EGP 1.5 billion. The successful launches of Club Town and the expansion of the Murano project significantly contributed to this achievement. Club Town, a novel concept in mixed-use development, seamlessly integrates the lifestyle amenities synonymous with Wadi Degla Clubs. Simultaneously, the Murano project, known for its large beach expanse in close proximity to Cairo. CEO Raymond Ahdy affirmed, “The swift success of our new projects reflects our new approach to development, driven by customer-centric design, and leverages the expertise of our affiliates as part of a holding company.”
Looking ahead, Ahdy shared his vision for 2024, stating, “Our experiences amid these challenging times have only reinforced our resolve. We stand committed to delivering excellence while maintaining peak operational efficiency, ensuring our enduring prosperity.” This strategy, while continuing to focus internally on achieving operational efficiency, will also expand to actively explore innovative paradigms for development and embrace sustainable building practices. These forward-looking initiatives encompass measures such as the integration of EV charging stations, alignment with global environmental trends, and agile responses to evolving customer preferences. Central to this strategy is an unwavering commitment to delivering on commitments, prioritizing project delivery, and upholding stringent quality standards, all intended to fortify its market standing and enhance customer trust.
Wadi Degla Developments’ journey through economic challenges underscores its adaptability, strategic foresight, and commitment to upholding the highest standards, solidifying its position as a leading player in Egypt’s real estate sector.
About Wadi Degla Developments:
Wadi Degla Developments is a fully integrated real estate developer established in 2005 as one of Wadi Degla Holding companies. For over 19 years, Wadi Degla Developments has left its unique mark at prime locations across Egypt as some of the most refined residential and commercial projects and resorts equipped with best-in-class amenities and services and built with robust infrastructure. The company’s land portfolio amounts to 5.5 million sqm spanning 16 projects, including residential neighborhoods such as Pyramids Walk, River Walk, Tijan Maadi, Tijan Zahraa El Maadi, Canal Residence, Victoria Residence, Club Town, Promenade New Cairo, and Neopolis. In addition to touristic resorts including Marina Wadi Degla, Blumar El Dome, Blumar Sokhna, Blumar Hills, Blumar Sidi Abdel Rahman, and Murano.
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