RIYADH: Orascom Development Egypt reported a jump in net profits by 130 percent to $74 million in 2021. The company’s sales stood at $514 million last year, an increase of 56 percent compared to the same period in 2020, according to bourse filing The strong sales were supported by the focus on sales during the pandemic, especially in El Gouna, the O-West project — located west of Cairo, and Makadi, CEO Omar El-Hamamsy stated in an interview with Al-Arabiya. The company plans to raise new sales prices to cover increasing costs in 2022, expecting that the additional cost to be borne by consumers will be 15 percent to 20 percent higher. El-Hamamsy added that the rising real estate prices is mainly due to the impact of the Ukrainian-Russian conflict and more likely to continue, nonetheless, ODE will still develop multiple projects in multiple Egyptian cities by the year 2022. Despite the conflict and other challenges, including inflation rates and land prices, the real estate sector is expected to grow in Egypt in 2022, Tatweer Misr CEO Ahmed Shalaby told CNBC Arabia. The real estate sector in Egypt achieved a growth of about 8.5 percent during the second quarter of 2022.