Egypt's Menassat Developments to launch 2 projects in 2021

The first project is an $31.90mln commercial project in East Cairo and will be launched in August 2021

  
A general view of buildings under construction in the New Administrative Capital (NAC) east of Cairo, Egypt July 5, 2021.

A general view of buildings under construction in the New Administrative Capital (NAC) east of Cairo, Egypt July 5, 2021.

REUTERS/Mohamed Abd El Ghany
 

Egypt - Menassat Developments plans to kick off two new projects in 2021, Zawya cited Chairman Ahmed Amin Masoud.

The first project is an EGP 500 million commercial project in East Cairo and will be launched in August 2021.

Spread over an area of 8,000 square meters, is designed by Egyptian architectural and engineering consultancy Ldp+Partners.

Meanwhile, the second project will be announced by the end of 2021.

Masoud said that the company is preparing to appoint the main contractor for its first project, the EGP 2.5 billion Podia Tower in the New Administrative Capital (NAC).

Designed by Pinnacle Design, the 28-storey, 833-unit tower will be built on a 20,000 square metre plot in NAC’s Downtown area.

The tower, which will host shops, clinics and offices, is scheduled to be delivered in 2024.

Masoud noted that the company has budgeted EGP 100 million for construction works during 2021.

He further noted that the company has appointed Baker Tilly International to provide IPO advisory and financial review services but declined to elaborate on the timing and size of the proposed IPO.

 

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