Egyptian billionaire doubles landbank of UAE masterplan
Ora Developers, founded by Egyptian billionaire Naguib Sawiris, has doubled the size of its Bayn masterplan in the UAE.
The master development is being carried out in the Ghantoot area, located between Dubai and Abu Dhabi.
Ora Developers purchased an additional 4.8 million square metres of land from Abu Dhabi-listed Modon Holding, increasing its landbank to 9.6 million square metres, it said in a statement.
Following the expansion, the developer estimates the total project investment to reach AED30 billion ($8.2 billion) upon completion.
The cost of land acquisition was not given.
Bayn recorded sales of AED2.7 billion ($735 million) in 2025, the developer said, citing a report by the state-run Abu Dhabi Real Estate Center.
Bayn will have a 1.2km beachfront and 9,000 housing units to house 32,000 residents.
The announcement is the latest real estate launch in the UAE since the Iran war began on February 28. Dubai Land Department data showed that real estate transactions dropped 32 percent between February and March.
This week Al Ghurair Development said it is building a new transit-oriented development in Al Jaddaf, overlooking Dubai Creek.
Additionally, Dubai-based real estate developer Sobha managing director Francis Alfred told AGBI that the company can withstand rising costs associated with the war due to its strategy of relying on internal resources.
AGBI reported last month that the UAE capital is seen as a more resilient property market during the war, where much more local money is present. Last year, non-residents accounted for 11 percent of sales in Abu Dhabi, compared with around 70 percent in Dubai.
Further reading:
- Aldar secures $1.4bn credit facility to drive expansion
- Dubai Properties awards $300m Villanova contract
- Dar Global gets $250m to advance expansion
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