Horus Asset Management and Real Estate Development has announced significant progress in the construction of its The Eye project on Egypt’s North Coast, with completion rates ranging between 40% and 45%, reaching 50% in several key sectors.
The company aims to complete the project’s entire concrete structure by the end of 2026, with final deliveries scheduled to begin by the end of 2028.
The Eye represents an integrated development model focused on the comprehensive revitalization of an existing village, combining the traditional charm of the North Coast with modern construction standards, upgraded infrastructure and a wide range of residential and recreational services.
Infrastructure development takes priority
Abu Zeid Mohamed, Chairman of Horus Real Estate, said the project was driven by more than 25 years of experience in the North Coast, explaining that the company chose to redevelop an existing village and modernize its facilities rather than launch a new development from scratch.
He added that the company’s strategy prioritizes infrastructure and essential services for existing residents before expanding the construction and marketing of new units.
The development plan includes upgrading sewage networks, electricity stations and transformers, water reservoirs and other essential facilities, reflecting the company’s approach to improving residents’ quality of life.
Mohamed explained that The Eye aims to combine a family-oriented atmosphere and privacy for senior residents with entertainment facilities for younger generations.
The project includes five swimming pools, an Aqua Park, a commercial mall designed to attract major brands, restaurants, cafes, a supermarket and a large mosque, which was completed and opened in less than three months.
100% legal compliance and self-funded construction
Counselor Adham Bahaa, Legal Advisor and Board Member of Horus Real Estate, stated that the company has completed 100% of the required official procedures and regulatory requirements for the project.
He outlined the key milestones, including signing the final contract with the New Urban Communities Authority on July 7, 2024, followed by the issuance of Ministerial Decree No. 532 of 2025, which was published in the Official Gazette in October 2025.
The company also obtained the required building permits in early 2026, covering construction works, the commercial mall and service facilities. In addition, the project secured approval from the Supreme Committee for Coastal Protection for the comprehensive development of the village’s beach, alongside approvals from the Ministries of Environment and Civil Protection.
Regarding construction and financing, Horus adopted a fully self-funded model, with site work beginning in early 2026. The company also committed to avoiding off-plan sales, offering units only after actual construction progress exceeded 30%.
Current completion rates range between 40% and 45%, reaching 50% in several key sectors. Horus is working with Al Baraka Company as its main partner for general contracting and finishing works, targeting completion of the entire concrete structure by the end of 2026 and the start of final deliveries by the end of 2028.
