Egyptian developer Mabany Edris is planning to build a serviced apartments project in Sheikh Zayed as part of its expansion plan for East and West Cairo, the company announced on Wednesday.

Chief Executive Mohamed Idris said the developer is negotiating to acquire 100 acres of land for the project, adding that there is a growing interest in premium branded residences in West Cairo in anticipation of the inauguration of the Egyptian Museum, which is expected to increase tourist inflow into the area.
 
He said the company's expansion plans include a diversified portfolio of projects in residential, service, commercial, office, medical and hospitality segments.
 
Idris said construction of Asayla New Assiut integrated residential project in Upper Egypt's is 30 percent complete.
 
He said digging works for the 157-key, four-star Holiday Inn hotel is underway. The hotel, which will be managed by InterContinental Group (IHG), is being developed at an investment of 250 million Egyptian pounds ($16 million) and is expected to be inaugurated in 2024.
 
(1 US Dollar = 15.72 Egyptian Pounds)
 
(Writing by Eman Hamed; 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 2021