Egyptian developer Wealth Holding has signed an agreement with Qatar’s Retaj Hotels & Hospitality to operate the Jeval Business complex, a 2.5-billion-Egyptian-pound ($52 million) mixed-use project in the New Administrative Capital (NAC), its chairperson said.

Sohair Koriem told Zawya Projects that the 12-storey complex, under construction in NAC’s Downtown area, will feature offices, retail space, and a hospitality component with 66 serviced units. Completion is expected within two years.

Under the agreement, Retaj Hotels & Hospitality will manage the branded apartments as well as the retail and office components.

Wealth Holding’s Egyptian portfolio includes Garden Hills October, Al Safwa Hospital, the Olympic City on Al Sokhna Road, and 53 residential buildings in New Ismailia City. Internationally, its projects include the Rixos Ras Al Khaimah Hotel, several hotel towers in Dubai, and Nur-Mubarak Educational University in Kazakhstan.

(1 US Dollar = 48.12 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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