Egypt’s Mercon Developments and Kuwait’s Eltamayoz Co have announced a partnership to launch a 25-acre mixed-use project in New Cairo with a total investment of 18 billion Egyptian pounds, top official said.

Mercon Development's Chairman Ahmed Embaby said that Riverton, located in the AUC district, comprises of 13 apartment buildings, 103 villas, a 30,000 square-metre mall, and a 120-key 5-star hotel operated by Gewan hotels & Resorts.

He added that construction is scheduled to start after three months, with full completion expected after four years.

(1 US Dollar = 48.59 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.