Egypt’s Dubai Developments is planning to invest 20 billion Egyptian pounds ($1.3 billion) in new and ongoing projects by end-2023, the company chairman said. 

The company’s new and ongoing project portfolio currently stands at 5 billion pounds ($318 million). 

AbdelFatah ElMor told Zawya Projects that Dubai Developments is preparing to launch a 48-acre residential and commercial project in the New Administrative Capital (NAC) after last month’s launch of the Obsidier Tower mixed-use project in the NAC.  

“The new project will be launched in mid-2022,” he said, adding that it would be developed at a total investment of 5 billion pounds ($318 million). 

He clarified that the company has set a 5-billion-pound ($318 million) sales target from the 4-billion-pound ($255 million) Obsidier Tower project. The 1,000-unit project consists of 660 medical, office, and hotel units and 340 retail units distributed across a 3-storey mall and three 26-storey buildings. 

AlMor said: “Mohamed Talaat Architects is the main design consultant of Obsidier Tower, Business Concierge will manage the offices, and Mission235 will manage the retail units.”  

Meanwhile, Dubai Developments has completed 60 percent of its ongoing one billion Egyptian pound Capital Dubai Mall project in the NAC. 

1 US Dollar = 15.71 Egyptian Pounds) 

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

(anoop.menon@lseg.com) 

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