UAE’s Binghatti Unveils $1.4B Tower Project Near Egypt’s Pyramids
Binghatti Developers from the UAE introduced their new $1.36 billion (AED 5 billion) project, Binghatti Skyrise, at an event held near Egypt’s Pyramids of Giza.
A Historic Celebration
The event featured famous Emirati singer Hussain Al Jassmi and welcomed over 2,500 guests, including important officials, real estate business leaders, and celebrities from arts, sports, and media, as announced in November.
Binghatti Chairman Muhammad BinGhatti shared that launching the second phase of the project in Cairo shows the company’s appreciation and commitment to the Egyptian market, which includes some of its top global investors.
The project, located in Dubai’s Business Bay, offers 3,333 units designed for families and individuals. The buildings have large glass walls that give stunning views of Dubai’s skyline and include high-end features.
Residents can enjoy swimming pools, private golf courses, tennis courts, a fully equipped gym, a kids’ water park, and yoga spaces.
The project launched on October 31, and half of the units were sold within 24 hours.
Expanding the Portfolio
Binghatti plans to double the value of its projects to over $27.2 billion (AED 100 billion) within the next 18 months. Currently, its projects are worth more than $10.9 billion (AED 40 billion). The company has completed over 70 projects and delivered 15,000 homes as of 2024.
In October, the chairman announced plans to launch 12,000 new units in the next three months. This is supported by cash flow from ongoing projects worth over $1 billion (AED 3.67 billion), which will be completed in the same period.
To handle the growing demand for its properties, Binghatti has purchased land in prime areas of Dubai, such as Palm Jumeirah, Business Bay, and Al Jaddaf, for development over the next two and a half years.
Published: 21th November 2024
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