Egypt's Upturn Developments is planning to build a mixed-use commercial and hospitality project in the New Administrative Capital at an investment of 800 million Egyptian pounds ($50 million), the company's CEO told Zawya Projects.

Al-Sayed Mosad Al-Shenhab didn't disclose the project name or construction timeline but said the project would include shops, offices and hotel apartments.

Commenting on ongoing projects, he said the company's 6-storey Centric Mall project in New Cairo would be completed by end-2022. He added that Upturn is building residential projects at Beit Al Watan and Al Narges in New Cairo at an investment of 100 million pounds ($6.2 million).

(1 US Dollar = 15.90 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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