Cred Developments, a leading real estate company in Egypt, has been making headlines recently after its CEO, Engineer Ahmed Mansour, shared some promising news about its progress. During a recent roundtable discussion, Mansour revealed that the company had achieved contractual sales worth 3.4 billion Egyptian pounds in its projects during 2023. The projects that contributed to this success include the “ever” project in West Cairo and the CLM project in the New Administrative Capital. Mansour also stated that 30% of these sales were due to the company’s impressive international reach.
While this is undoubtedly a significant achievement, Mansour’s ambitious goals for the future are even more notable. During the same discussion, he announced that Cred Developments aims to achieve contractual sales of 7 billion Egyptian pounds in its projects in 2024. This significant increase in sales targets is due to the rising execution costs, which have substantially increased the company’s construction volume. To achieve these ambitious goals, Mansour and his team must overcome several challenges. For instance, Mansour highlighted a 50% price increase in the company’s projects during the past year. Predicting the extent of price increases during the current year is challenging, as pricing issues pose a challenge for companies operating in the real estate market. These challenges stem from increased construction material prices and currency exchange rate fluctuations, making it difficult for companies to manage costs and maintain profitability.
Despite these challenges, Mansour and his team remain optimistic about the company’s future. With a strong focus on innovation and customer satisfaction, they are confident they can continue growing and expanding their reach in the coming years. Cred Developments has already established itself as a significant player in the real estate market, and its impressive performance to date suggests that it is well-positioned to continue on its growth trajectory. Whether the company can achieve its ambitious sales targets remains to be seen, but one thing is sure: Cred Developments is a company to watch in the real estate market.
