PROJECTS: Egyptian developer Mazaya to launch four mixed-use projects

Projects to be developed at a total investment of $191mln

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Egyptian developer Mazaya Developments is planning to launch four real estate projects by the end of 2022 at an investment of 3 billion Egyptian pounds ($191 million), the company's chairman said.

Mohamed Allam, Chairman of Mazaya said the first project would be launched by the end of September 2021.

He said the 13-storey residential and commercial project would be developed at an investment of one billion pounds ($63.6 million).

He added that they are awaiting the license to start construction, and would complete the project in 2024.

Allam, who is also the founding member of New Cairo Developers Association, said the second project would be launched by December 2021, while the third and fourth projects would be launched during 2022.

He didn't elaborate on the location and investments planned for the remaining three projects.

Allam also said the company is planning new real estate projects in New Alamein City and Galala in the coming months but didn't elaborate.

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Eman Hamed & Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)

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© ZAWYA 2021

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