Egyptian developer Ajna Developments is planning to expand in East Cairo and North Coast, the company's chairman said.

Osama Shalaby told Zawya Projects the company is studying expansion in East Cairo and North Coast in line with the Egyptian government’s plan to develop these areas.

“We are focusing tourism, residential and hospitality products to achieve diversity in our projects portfolio,” he said.

Shalaby said the company will start delivery of its flagship project Carnelia Sokhna in Ain Sokhna by 2024.

Chief Development Officer (CDO) Amr Eid said the project, which is spread over an area of 100 acres, is being developed in six phases at a total investment of more than 4 billion Egyptian pounds ($203 million).

Eid added that the masterplan of the project was developed by SITES International, and Javier Oswaldo Cuevas López, CEO & Founder of Creato Architects is the interior designer.

The project comprises of 1,500 fully-finished housing units including villas, twin houses, townhouses and chalets.

(1 US Dollar = 19.66 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)