VIE Communities, an Emirati-Egyptian joint venture, is planning to expand into West Cairo, North Coast and Red Sea markets following its recent launch in the country’s real estate sector, top company officials told Zawya Projects.

Chairman Tamer Abdel Shafi and Vice Chairman Tarek Soliman said the company will announce a new project in West Cairo in the coming period, but didn’t disclose further details.

They also revealed plans to establish a ‘Gold Hub’ inspired by Dubai’s gold trading and retail ecosystem, although additional project details were not disclosed.

Last week, VIE Communities formally entered Egypt’s real estate market with two mixed-use developments in New Cairo with a combined development value of approximately 150 billion Egyptian pounds ($2.84 billion).

The company’s flagship project, Vie Collective, is a mixed-use development spanning approximately 186 acres with investments estimated at EGP100 billion.

The second project, Vie Halo, carries investments of approximately EGP 50 billion and is being developed in partnership with Nations of Sky within the Zomra East development.

Deliveries at both Vie Halo and Vie Collective are expected to begin within two years.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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