Egypt’s Mercon Developments has launched its G7 commercial project, located in Fifth Assembly, New Cairo at an investment of 700 million Egyptian pounds ($46 million), the company's commercial director said. 

Hazem Dawood told Zawya projects that the complex, spread over an area of about 22,000 square metres, features 90 units for shops and offices. 

He said construction will start in June and complete in 30 months. 

Dawood also added that the company is planning to develop a 200-unit commercial project in the Fifth Assembly, over an area of about 20,000 sqm, at an investment of about 3 billion pounds ($191 million). The yet-to-be-named project would include 200 units. 

The company is set to launch a 25-storey mixed-use tower in the New Administrative Capital in August 2021, and a project in New Alamein City by the end of 2021, Dawood added, but declined to elaborate further. 

(1 US Dollar = 15.69 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com)

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