Egypt's LMD targets $6bln investments for hospitality and residential expansion
Speaking to Zawya Projects, Sultan said the company's hospitality portfolio includes 1,330 hotel rooms and 1,800 serviced apartments across key developments in partnership with brands such as W Hotels, Marriott, and Villa Coconut.
'We believe that by partnering with esteemed brands, we can elevate the standard of tourism in Egypt," he said.
Among LMD's key developments are the W Hotel and Serviced Apartments, the Autograph Collection, the Tribute Portfolio Hotels in New Cairo, and Ghazala Bay on Egypt's North Coast. The company is also developing the More Serviced Apartments project in New Cairo, offering hotel-style amenities in residential settings.
LMD's land bank currently stands at 8 million square metres (sqm), with 4.5 million sqm under development. Its residential project portfolio includes more than 24,300 units.
The company's latest launch, the EGP 20 billion ($399 million) 'Being' development in New Zayed, is expected to generate EGP 25 billion in sales ($499 million).
The 'Being' project also includes the 'Mindset' business complex developed in partnership with LA7.
Sultan said the company is assessing luxury development opportunities in Ras El Hekma on Egypt's Mediterranean coast.
Internationally, LMD operates in five countries, with recent acquisitions in Cyprus and growing interest in Saudi Arabia.
'While LMD does not yet have a legal entity in Saudi Arabia, it is actively studying investment opportunities, particularly in luxury developments tailored to Gulf tastes,' he said.
LMD is advancing innovative projects like Egypt's first design district within the ONE NINETY project in New Cairo, spanning 199,000 sqm.
To manage affordability, the company is adopting flexible installment and pricing strategies and forecasts price increases of up to 13 percent this year in line with inflation.
'Our goal is to create high-quality environments that support economic growth and meet rising expectations across the region,' concluded Sultan.
(1 US Dollar = 50.13 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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