07 October 2019
Khozam Developments is planning to start construction of its first real estate project in Egypt in the fourth quarter, the company chairman told Thomson Reuters Projects.

Nader Khozam said the company will start construction of its 1.5 billion Egyptian pounds ($92 million) Go Heliopolis compound in the Golf District in Cairo in October.

Khozam said the project, spread over an area of 2,000 square metres, includes 1,000 residential units as well as commercial and leisure facilities, and would be completed over a three-year period.

Lebanon-based Chaddad Group is the design and construction contractor, he added.

He also disclosed that Khozam Developments is planning to start work on three mixed-use projects in 2020 - a 50-acre residential-commercial project in the 5th assembly, a 100-acre residential-commercial project in Sheikh Zayed City, and a commercial project in the New Administrative Capital.

Khozam Developments is part of Khozam Group which founded since 1960.

(1 US Dollar = 16.29 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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