Egypt’s Khaled Sabry Holding has launched a 500 million Egyptian pound ($32 million) commercial project, Ronza Tower, in the New Administrative Capital (NAC).  

Khaled Sabry, Chairman of the Company’s Board of Directors, said in a statement that the project, the company’s first in the NAC, would be located in the Downtown area.  

He said the 10-storey, 220-unit development would house offices, shops and hotel components, adding that Hafez Consultants is completing the detailed design of the project. 

Sabry told Zawya Projects that construction will start by the fourth quarter of 2021 and be completed by the fourth quarter of 2024. 

The statement also quoted Sabry as saying that there are many investment opportunities available in areas like the NAC and New Alamein City, so the company is planning to launch new projects, especially in the NAC, in addition to studying investment opportunities in New Cairo. 

(1 US Dollar = 15.66 Egyptian Pounds)  

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

(anoop.menon@refinitiv.com) 

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© ZAWYA 2021