Egyptian developer Captain Construction Development has launched two projects worth 850 million Egyptian pounds ($54 million) in the New Administrative Capital (NAC), the company's sales director said.

Mohamed Badr told Zawya Projects that the company has started enabling works for its 350 million pounds ($22 million), 200-unit 'Smart Mall' in the NAC.

He said the five-storey mall, spread over an area of about 4,000 square metres, would be delivered in 2023.

The second project, a 500 million pounds ($32 million), 10-storey mixed-use tower housing 90 offices, 60 clinics, and 140 stores would be delivered in 2024, Badr said.

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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