PROJECTS: Egypt's Mardev Developments starts construction of Menorca Compound

Future plans include residential projects in the new capital and North Coast

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Egyptian developer Egypt's Mardev Developments has started construction of its 1.6 billion pounds ($102 million) Menorca compound in the New Administrative Capital (NAC), the company's CEO said.

Mohamed Zohdy told Zawya projects that the 17.5-acre project comprises of 17 buildings incorporating 735 residential units and would be completed in 2023.

He said the development also includes 400 million pounds ($25.5 million) Mardev Plaza mall with 20 office units, 20 clinic, and 140 stores.

ACE Arab Consulting Engineers is the project's main consultant, he added

Zohdy said future projects planned include residential projects in the NAC and in the North Coast without elaborating on the timelines.

(1 US Dollar = 15.71 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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