Egyptian developer Babylon Urban Development has launched two commercial projects in the New Administrative Capital (NAC) at an investment of about 500 million Egyptian pounds ($32 million), the company's CEO said.

Hossam Farag told Zawya Projects that the 8-storey Senator and Heritage buildings will house 250 and 81 office units respectively and are scheduled to be completed by 2023.

He said Zodiac Architects is the designer, Ahmed El Hadidy Structural Consultant is the main consultant and I-CON is the smart systems and electromechanical contractor for both projects.

Babylon's CEO said they are planning to invest one billion pounds ($64 million) in new and ongoing projects in NAC during 2021.

(1 US Dollar = 15.62 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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