Egyptian developer CMD is planning to invest 10 billion Egyptian pounds ($636 million) in New Alamein City and Ain Sokhna for residential, commercial and hotel projects, the company CEO told Zawya Projects. 

Wael Zien said company will develop these projects over a total land area of 40 acres but declined to elaborate further. 

Meanwhile, the company has launched the second phase of YARU Compound, its mixed-use project in the New Administrative Capital, at an investment of 450 million pounds ($29 million). 

Zien said Phase 2 comprises of 267 residential units and 14 villas. 

The 37-acre, 2-billion-pound ($127 million) YARU includes a total of 1,464 residential units, 79 hotel rooms and 34 commercial units. 

The CMD CEO said the entire project is scheduled to be delivered in 2025, adding that Hatem El-Behairy is the project’s structural consultant, and Hisham Alaa is the architectural consultant. 

He said 200 million pounds ($13 million) have been invested in YARU Compound’s construction works to date. 

(1 US Dollar = 15.73 Egyptian Pounds) 

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


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