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14 May, 2019

Egyptian developer Al-Wadi to start construction of fourth phase of North Coast project

$117-mln Agora Sidi Abdel Rahman mixed-use project to be completed by 2023

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

REUTERS/Amr Abdallah Dalsh

14 May 2019
Cairo-headquartered Al-Wadi Tourism Investment & Real Estate plans to start construction of Phase 4 of its two billion Egyptian pounds ($117 million) Agora Sidi Abdel Rahman mixed-use project on the North Coast in the third quarter, a top company official has said.

Commercial director Ahmed Samir told Thomson Reuters Projects that the fourth phase comprises of 400 housing units and a 120-key hotel, adding that construction would start "within a month" and be completed over a 12-month period.

He declined disclose the value of the fourth phase but said the company has completed three phases of the six-phase project, which includes a 21,000-square metre mall housing Egypt's second IKEA outlet.

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While he didn't provide additional details or breakdown of the residential units delivered in the previous phases, the company official said the 21-acre development would deliver a total of 1,800 residential units when the entire project is completed by 2023.

(1 US Dollar = 17.08 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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