Egyptian developer Inertia plans to award construction contracts worth 2 billion Egyptian pounds ($104 million) by the end of 2022 to support the high project implementation rates.

CEO Ahmed El-Adawy told Zawya Projects that the company is executing an ambitious delivery plan for the current year, with 800 units out of the targeted 1,600 already delivered in the first half.

He said out of the portfolio of 8 projects, 4 projects have been completed and delivered while 4 projects are under various stages of implementation.

El-Adawy said the company expects to deliver the 231-unit Phase 2 of G Cribs in El Gouna and 183-unit Veranda project in Sahl Hasheesh by the end of 2022.

He added that the company's land bank amounts to 7 million square metres (sqm) out of which 1.8 million sqm are under development including the 1.5 million sqm North Coast project of Jefaira.

(1 US Dollar = 19.18 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)