Egypt's Dubai Developments has launched a mixed-use project, Obsidier Tower, in the New Administrative Capital (NAC) at an investment of about 5 billion Egyptian pounds ($318 million), a top company official said.

Commercial head Ashraf Diaa told Zawya Projects that the project comprises a 3-storey mall and three 26-storey buildings featuring offices, stores, clinics, and hotel rooms totalling 900 units.

He said the project would be completed by 2026, adding that Mohamed Talaat is the main consultant.

Meanwhile, Dubai Developments has completed 60 percent of its ongoing Capital Dubai Mall project in the NAC.

Diaa said the 3-storey mall, 209-unit commercial Complex would be completed and delivered by June 2023.

(1 US Dollar = 15.71 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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