Egyptian real estate developer Sorouh Developments announced on Sunday the signing of a strategic agreement with RICON Construction and Energy for the implementation of projects worth 30 billion Egyptian pounds ($972 million).

According to a press statement by Sorouh Developments, the agreement will kick off with the development of Entrada and Avenue Mall projects in the New Administrative Capital (NAC). These projects, with a combined investment value of EGP 3 billion ($97 million), will be undertaken by RICON.

Entrada, an integrated residential development, spans across 72 acres in the R7 area of the NAC. Meanwhile, Avenue Mall, occupying 29,000 sqm in the R7 area, will comprise retail, office, and medical units.

(1 US Dollar = 30.88 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)