13 October 2019

Egyptian developer The Address Real Estate Development Company announced last week that it is awaiting ministry approvals to start construction on its 'The Mark' serviced villas project in New Cairo.

The two billion Egyptian pounds project ($123 million), spread over an area of 26 acres in the Fifth Assembly, consists of 300 fully furnished villas as well as entertainment and leisure facilities, a company statement, quoting CEO Amr Badr, said.

The company is negotiating with global hotel chains to operate the development after completion, the statement added.

(1 US Dollar = 16.29 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refintiv.com)

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