PROJECTS: Egypt's ORA Developers plans new project in the North Coast

Company to launch second phase of ZED East project in New Cairo in Q4

  
Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

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Egypt-based ORA Developers is planning to a 600-acre mixed-use project in the North Coast, the company's CEO said.

Haitham Mohamed told Zawya Projects that they have already signed an agreement for acquiring 400 acres and is negotiating the remaining 200 acres but didn't elaborate.

He said construction would complete in 18 months but declined to disclose the completion timelines, contract or investment values.

Mohamed said the company is planning to launch the second phase of its 360-acre,100 billion Egyptian pounds ($6.4 billion) ZED East project, located in New Cairo, in November.

He added that construction of ZED East project would start in January 2021.

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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