Egyptian developer Akam Developments is planning to start launch a new 59-acre residential compound in the North Coast in the first quarter of 2021 at an investment of 500 million Egyptian pounds ($31.7 million), company CEO Edrees Mohamed told Zawya Projects.

He didn't share additional details said the company is awaiting ministerial approval for a 40-acre mixed-use project and is negotiating another mixed-use development in the New Administrative Capital (NAC).

The company is currently developing two mixed-use projects - Scenario and Scene 7 - in the NAC at a total cost of 8 billion pounds ($507.7 million).

(1 US Dollar = 15.76 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020