Egypt’s RNA Developments announced on Monday the launch of its Triton Tower commercial project in the New Administrative Capital (NAC) at an investment of 700 million Egyptian pounds ($45 million).

CEO Abdel Galil Hussein told Zawya Projects that the 13-storey tower would be located in the Central Business District and will house shops, offices and clinics.

“Triton Tower will be completed and delivered by mid-2025. It is our second project in the NAC after Elevado Tower, which is being developed at an investment of 300 million pounds ($19 million)."

Hussein said the 10-storey Elevado Tower would house shops, offices and clinics, and be completed by the first quarter of 2024.

He added that Mohammed Hafiz is the engineering consultant, PCE is the electromechanical consultant, and Keep Property is the facility manager and operator for Triton Tower.

Hussein said RNA Developments is planning to invest 15 billion pounds ($955 million) in various commercial and mixed-use projects in Egypt over the next three years.

(1 US Dollar = 15.70 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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