Egyptian developer Urbnlanes Developments, a subsidiary of Emeel Abdalla Investments, will launch a 3-billion-Egyptian-pound ($122 million) commercial project in the 5th Settlement, New Cairo in the first quarter of 2023, the company's CEO said.

Fadi Abdallah told Zawya Projects that the 5-storey unnamed project, spread over an area of 10,000 square metres (sqm), includes offices and stores, and would be delivered in three years.

He said Hafez Consultant is the lead consultant for the project.

Abdallah confirmed that enabling works are underway for the 35-storey, 6-billion-pound ($244 million) Levels Business Tower in the New Administrative Capital.

He said the company has also started construction of its 2-billion-pound ($81 million) Eastlane commercial project in New Cairo. The project, spread over an area of the 4,780 sqm, comprises of offices and stores, would be completed in two years.

Abdallah added that they have appointed Savills as property manager for the three projects.

He also disclosed that they are looking for plots in East and West Cairo to build residential projects and planning a new project on the North Coast.

(1 US Dollar = 24.61 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)