PROJECTS: Egypt's Ora Developers to start construction of Silversands project in Q1 2022

$1.6bln mixed-use development is located on the North Coast

  
Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Egypt’s Ora Developers is planning to start construction of its 25-billion- pound ($1.6 billion) Silversands mixed-use project on the North Coast in the first quarter of 2022, the company's CEO said. 

Haitham Abdel Azim told Zawya Projects that the company is waiting for construction license for the 550-acre seafront development, which will feature 2,500 furnished residences, a hospital, sports clubs, entertainment areas, a commercial area and leisure facilities. 

He said project would be completed in three phases over a period of five years. 

Meanwhile, the company said in a press statement that it has signed a memorandum of understanding with Italian luxury fashion house Giorgio Armani to launch Egypt’s first Armani Residence within its ZED El Sheikh Zayed. The statement said the developer is also preparing to launch ZED East strip, a commercial project featuring offices within the New Administrative Capital’s business hub.  

(1 US Dollar = 15.74 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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