Egyptian developer ASALDI Properties on Sunday announced its debut project with the 2.5 billion Egyptian pounds ($81 million) Shades commercial project in East Cairo.

ASALDI Properties was established in the last quarter of 2023 by Misr Italia’s Hany Al Assal as Founder and Mohamed Hany Al Assal as Co-Founder and Owner.

ASALDI Properties said in a press statement that the four-storey Shades will have a built-up area of 48,000 square metres (sqm) with a total leasable area exceeding 18,000 sqm. The project will offer offices, clinics, restaurants, shops, recreational areas, and a parking garage for more than 400 cars.

The completion of Shades is anticipated by the end of 2025 with sales having commenced since December 2023, the statement added.

ASALDI Properties plans to invest a total of EGP10 billion ($324 million) over the next five years.

(1 US Dollar = 30.87 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)


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