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Egypt’s Rovan Urban Development Company (RUD) has launched EVORA mall in the Downtown area of New Administrative Capital (NAC) at an investment of 300 million Egyptian pounds ($19 million).
Ahmed Al-Haddad, Head of commercial, said the 12-storey mall will house 230 units with ground, first and second floors reserved for retail and the rest of the floors for offices.
He said enabling work has started on-site with main construction scheduled to begin in the fourth quarter of 2021 and complete by 2025.
Al-Haddad said local firm Archrete is the design and engineering consultant, adding that RUD is negotiating the mall management and operation contract. He declined to name the operator.
RUD's Chairman Mohamed Nasr said the decision to invest in the NAC was motivated by the Egyptian government's support for the real estate sector, and its emphasis on developing fourth generation cities in the country.
"We intend to invest one billion pounds ($64 million) in three projects in the NAC in the coming period starting with Evora Mall," he said, adding that the focus will be on projects in the NAC and the coastal cities.
(1 US Dollar = 15.72 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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