Seldar Egypt will invest 3 billion Egyptian pounds ($191 million) in its Al Jazi Egypt mixed-use project in New Cairo over the next two years, the company's Chief Commercial Officer told Zawya Projects.

"We have invested 4 billion pounds ($254.7 million) so far and will invest an additional 3 billion pounds by end-2022. The entire project is self-financed," said Mohamed Koura, adding that 92 percent of the construction work has been completed.

Al Jazi Egypt extends over two separate plots of land with a total area of 63 acres, according to the project fact sheet supplied by Seldar Egypt. The Raef Fahmi Architects-designed development comprises of three branded residences under a license agreement with Marriott International, namely JW Marriott Residences New Cairo, Al Jazi Gardens; Marriott Residences New Cairo, Al Jazi First and Marriott Residences New Cairo, Al Jazi Park Avenue, and a retail project Al Jazi First Mall.

Koura said Marriott Residences New Cairo, Al Jazi First would house 175 units but declined to disclose the number of units for the other residences.

He added that the company would offer 150 units of JW Marriott Residences New Cairo, Al Jazi Gardens for sale at the Cityscape Egypt 2020 this week.

He also declined to go into details about Al Jazi First Mall but said all the retail units would form part of the developer's leasing portfolio.

Seldar Misr is an affiliate of Doha-based Al Rayyan Tourism Investment Company (ARTIC), which owns 34 hotels around the world out of which 30 are managed by Marriott, said Koura.

(1 US Dollar = 15.70 Egyptian Pounds)

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

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