Egypt's ARDIC Real Estate Development will deliver the 800-unit first phase of its five billion Egyptian pounds ($317.5 million) Zizinia El Mostakbal residential development in New Cairo by 2022, the company CEO said.

Mahmoud Hegazy told Zawya Projects that the 70-acre, 2,400-unit project is being developed in four phases and includes a commercial area, adding that its delivery schedule was impacted by the COVID-19 outbreak.

The project was designed by Land Consultants, he said.

Hegazy said the company is in discussions with investors and the housing ministry to develop mixed-used projects in the North Coast and Delta involving "20 to 40" land plots.

He didn't elaborate on the projects but said the company is planning to nearly double its authorised capital from 202 million pounds ($12.8 million) at present to 402 million pounds ($25.5 million).

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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