Egyptian developer Margins Developments announced on Sunday the launch of Zia Business complex in the Downtown area of New Administrative Capital (NAC) at a total investment of about one billion Egyptian pounds ($64 million).

Company CEO Sherif El-Gohary told Zawya projects that the 11-storey commercial project would be spread over an area of about 4,100 square metres and include 176 office, clinic and retail units.

He said the company has started on site enabling works and the self-financed project would be completed by the end of 2023.

Cove Architects is the design and engineering consultant for the project while Dubai-based EFS has been awarded the facility management contract.

Margins’ Managing director Ashraf Shahin said they are planning two new projects in the NAC and a new project in New El-Alamein City, adding that the company will invest 5 billion pounds ($319.45 million) over the next five years.

(1 US Dollar = 15.65 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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