Sky Abu Dhabi Developments (Sky AD. Developments), a subsidiary of the UAE-based Diamond Group, announced on Thursday ‘Residence Eight’ as the official name of its 4 billion Egyptian pounds ($255 million) project in the new capital. 

In February, Zawya Projects had reported that the then yet-to-be-named development would span over an area of 23 acres and include residential and commercial units. 

Sky AD. Developments said in a statement that with 80 percent of the project area allocated to residential units, Residence Eight will offer 1,000 housing units ranging from apartments to duplexes. 

It said the project is Sky AD. Developments' first real estate project in Egypt and forms part of the company's plan to develop an investment portfolio of 15 billion pounds ($953 million) within the next two years in the country. 

(1 US Dollar = 15.74 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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