Cairo, Egypt, 1 November 2026: Horus Asset Management and Real Estate Development Company, announced launching a new phase in its strategic plan in the North Coast with its project "The Eye", which represents an integrated urban model based on the comprehensive revitalization and development of an existing village, combining the charm and warmth of the "North Coast" with the latest legal and construction standards, within
construction rates are progressing rapidly, exceeding 40% and approaching 50% in several areas.
A developmental vision that begins with infrastructure and respect for the place's history
In this context, Abu Zeid Mohamed, Chairman of Horus Real Estate Company, emphasized that the project's concept was not conceived as a traditional commercial development, but rather stemmed from a deep-rooted passion and over 25 years of experience in the North Coast, noting that this experience was informed by his personal residence within Horus Village for many years, and his understanding of its vital needs after a long period of lacking basic services.
Abu Zeid pointed that the company had chosen the more challenging path, opting to develop an existing village and fully modernize its facilities rather than starting a new project from scratch, noting that credibility is the cornerstone of the real estate sector, therefore, they made a strategic decision to begin by establishing a comprehensive infrastructure, including sewage networks, power stations and transformers, water reservoirs, and providing essential services to current residents before offering or constructing new units, which demonstrates that true development aims to enhance the quality of life and ensure fairness for residents, not merely sell concrete units.
Chairman of Horus clarified that "The Eye" project embodies " Old Sahel" philosophy, which combines the tranquility and intimacy of a family environment with privacy for senior citizens, while simultaneously providing a comprehensive entertainment system for youth and children, making the family self sufficient.
The project includes the construction of five swimming pools, an aqua park, and a shopping mall on the village's waterfront that attracts major brands, in addition to a group of restaurants, cafes, a supermarket, and a large mosque that was completed and opened in a record time in less than three months.
100% Legal compliance and full ministerial approval
For his part, Counselor Adham Bahaa, Legal Advisor and Board Member of Horus Real Estate Company, emphasized that legal security is the milestone of the project, revealing that the company has fulfilled all official procedures and requirements 100%, in accordance with the directives of the state, the Presidency, the Cabinet, and the New Urban Communities Authority.
Bahaa reviewed the project's legal progression, explaining what was done:
•Signing the final contract with the Urban Communities Authority on July 7, 2024.
•A ministerial decree no. 532 of 2025 was issued and published in the Official Gazette in October 2025.
• All building permits were obtained by the beginning of 2026, covering constructions, the mall, and all service facilities.
• Approval was obtained from the Supreme Committee for Coastal Protection to implement a comprehensive development of the village's beach, in addition to approvals from the Ministries of Environment and Civil Protection.
Self-Financing model.. Implementation precedes sales
Regarding the siteworks, the company officials revealed the adoption of a fully self-financing business model, as fieldwork began in early 2026, with a firm rejection of the "off-plan sales" approach common in some projects, and units were not offered for sale until at least 30% of the project was completed.
The current implementation rates for the project range between 40% and 45%, reaching 50% in a number of vital sectors, targeting to complete the entire concrete structure by the end of 2026, and starting final delivery by the end of 2028, in cooperation with Al Baraka Company, a leading general contracting and finishing partner.