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28 November, 2018

Egypt, Saudi joint venture to build $250.6mln residential project in Egypt's new capital

Akam Developments to start construction work on Scenario project in Q1 2019

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

REUTERS/Amr Abdallah Dalsh

28 November 2018
Egypt-Saudi joint venture Akam Developments plans to start construction of its Scenario residential compound project in the New Administrative Capital in the first quarter of 2019, a top company official told Thomson Reuters Projects.

Sales Director Mohamed Amer said site preparation work for the 4.5 billion Egyptian pounds ($250.6 million) residential project would start in March 2019.

"Scenario compound includes 1,568-units in 49 buildings. We have obtained the building permits, and the project would be developed over a period of four years," he said.

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Amer said the development would span an area of 40 acres, and include a club house, swimming pools, a mosque and commercial zone.

The project has been designed by Yasser Al Beltagy Architects (YBA), he added.

Akam was established in early 2018 as a joint venture between Saudi engineering consultancy Al-Muhaid Group and local firms Faisal Islamic Bank, Benayat for Real Estate Investment and Residence Real Estate Development Company.

(1 US Dollar = 17.96 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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