Egypt’s Arqa Development Group (ADG) has launched the 1.25-billion Egyptian pound ($80 million) second phase of its I-Business Park project in the New Administrative Capital (NAC). 

The 3.25-billion pound ($208 million) I-Business Park project comprises three 20-storey towers housing 2,200 units for offices, clinics, shops, hotel apartments and restaurants. 

"I Business Park II is located on an area of 43,000 square metres and includes 450 units,” Ahmed Gamal El Din, CEO of Arqa Developments told Zawya Projects. 

"Artline Group is the architect and Sabbour Consulting is the main design consultant," he said. 

The ADG CEO said the entire project would be completed in 2024 with the 300-unit Phase 1, where construction is underway since March 2021, scheduled to be completed by the first quarter and Phase 2 in the fourth quarter. 

ADG’s Marketing Manager Ahmed Ezzat Zeyada said the company had recorded 1.25 billion pounds of sales revenue from the first phase to date. He also disclosed that the company intends to launch a new project in New Alamein City this year. 

(1 US Dollar = 15.65 Egyptian Pounds) 

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

(anoop.menon@refinitiv.com)

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