VIE Communities has launched operations in Egypt and unveiled plans for its first project, a large mixed-use project within the Zomra East development in the Fifth Settlement area of New Cairo.

The developer, established as an Egyptian joint-stock entity with capital of about 1 billion Egyptian pounds ($18 million), is backed by Egypt’s Glamour Jewellery, Dubai-based Damas Real Estate and private investors.

The 65-feddan inaugural project will be developed in partnership Nations of Sky, the master developer of Zomra East, and will serve that community, VIE Communities said in a press statement. 

It said the project will incorporate retail, offices, a medical zone, hotels and serviced apartments, entertainment components, as well as a sports club and a 90-metre tower.

The project will be developed in four phases, with the first phase expected to be completed within two years. The club is also scheduled to open within the same timeframe, while the retail and office portions are targeted for completion within four years and the tower within five years.

VIE Communities said the project aims to generate total sales of about EGP 91 billion ($1.7 billion) by focussing on multinational tenants and overseas sales.

It has appointed several international and local consultants for planning, design and advisory services, including SA Architects, Paradigm, PwC and Andersen, according to the press statement.

Chief executive officer Haitham Samir said the company plans to roll out a pipeline of projects in Egypt, focusing on modern urban planning concepts and long-term investment value.

(1 US Dollar = 54.55 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon) (anoop.menon@lseg.com) 

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