Egypt’s El Attal Holding will spend 1.5 billion Egyptian pounds ($81 million) on construction works during 2022, the company's Chairman said.

Ahmed El Attal told Zawya Projects that part of the allocation would be directed to the completion of the Parklane project in the New Administrative Capital, another portion to the design and enabling works for a new mixed-use project in the 5th Settlement, New Cairo, which will be officially launched in May, while 300 million pounds ($16 million) would be pumped into the Bayside project in Ras Sidr.

He added that his company has set a target of 1.3 billion pounds ($70 million) of sales revenues by year-end.

He also disclosed that El Attal Holding will sign a technology cooperation agreement with a German multinational for its different projects.

(1 US Dollar = 18.56 Egyptian Pounds)

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

(anoop.menon@lseg.com)