Egypt’s Ark Development Company has launched The Ark mixed-use project in New Cairo with an initial investment of about 30 billion Egyptian pounds ($1.5 billion) over 10 years, and targeted sales of about 100 billion pounds ($5 billion).

CEO Osama Abu Alam told Zawya Projects that The Ark would be developed over an area of 90 acres with a built-up area of one million square metres.

He said a development contract has been signed with the land’s owner Oia Investment Company.

Alam said the first phase of the project would be launched before end-2022, starting with the commercial component followed by residential, adding that CCC, Arabella and Sons of Sinai have been awarded the construction contracts.

Ark Development Company is a joint venture between Al-Arjani Group, Al-Safi Group, Arabella Group, and Abdel-Massoud Group.

(1 US Dollar = 19.68 Egyptian Pounds)

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

(anoop.menon@lseg.com)