PROJECTS: Egypt's Arkan Group to start construction of three projects in Q2

Projects comprise mall, medical centre and school at a combined investment of $31mln

  
Image used for illustrative purpose. Workers stand on a metal scaffolding, placed on the wall of a hotel ahead of preparations for the new tourism season in Athens's Syntagma square March 8, 2015. Investors are expected to pump more money into buying, converting or building hotels in 2015 than in any year since the start of the global financial crisis, with a focus on budget and 'buzz'. REUTERS/Kostas Tsironis

Image used for illustrative purpose. Workers stand on a metal scaffolding, placed on the wall of a hotel ahead of preparations for the new tourism season in Athens's Syntagma square March 8, 2015. Investors are expected to pump more money into buying, converting or building hotels in 2015 than in any year since the start of the global financial crisis, with a focus on budget and 'buzz'. REUTERS/Kostas Tsironis

Kostas Tsironis

Egypt’s Arkan group is planning to start construction of three projects representing a combined investment of 490 million Egyptian pounds ($31 million) in the first half, the company's chairman said. 

Emad Eissa told Zawya Projects that the projects include a mall and medical centre in Sheikh Zayed City and a school in 6th of October City. 

The 150-million pound ($9.6 million) mall would be completed by the second quarter of 2024, the Arkan Chairman said but didn’t share the completion timeline for the 180-million-pound ($11.5 million) medical centre project, which he said would be developed as a joint venture. He added that the 160-million-pound ($10 million) Arkan Future school would be completed by 2023. 

Eissa said future projects include a 200-million-pound ($13 million), 70-villa residential project in the 6th of October City, currently awaiting ministerial approval, and a 300 million pound ($19 million) mixed-use project in the New Administrative Capital.  

(1 US Dollar = 15.67 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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