20 October 2019
Egyptian developer Beta Egypt for Urban Development announced last week that it is planning to invest a total of 400 million Egyptian pounds ($25 million) in its Beta Greens New Cairo residential project.

Chairman Alaa Fikry said in a press statement that the company would invest 100 million pounds ($6.15 million) up to end-2019 and further 300 million pounds ($18.5 million) in 2020 in the project, located in Mostakbal City, New Cairo.

The 1.7 billion pounds ($104.6 million) development, spread over an area of 25 acres, comprises of 730 housing units and is scheduled for completion by end-2022, according to the press statement.

The company is currently reviewing the bids received for the main construction contract, Fikry disclosed but didn't elaborate on the award timelines.

He added that Beta Egypt is studying a mega non-residential project, which would be announced soon.

(1 US Dollar = 16.26 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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