PROJECTS: UAE's Reportage to start construction of Monte Napoleone project in Q1 2022

$700mln development will be completed in four phases

  
Image used for illustrative purpose. A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Image used for illustrative purpose. A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

UAE’s Reportage Properties is planning to start construction of Monte Napoleone project, located in Mostakbal City, East Cairo, in the first quarter of 2022, a top company official said. 

Regional Head Hanna Karam told Zawya Projects that the 111-acre, 11- billion-Egyptian-pound ($700 million) project is being developed as a joint venture with Al Ahly-Sabbour Developments. 

In June 2021, Zawya Projects had reported that Monte Napoleone is the company’s first residential project outside the UAE. 

Karam said the 4-billion-pound ($255 million) first phase includes 310 townhouses, nine buildings of 7-storeys each, and a strip mall. 

He said the project is being designed and built by in-house units, adding that the company plans to deliver it in four phases by the fourth quarter of 2025. 

He also disclosed that they are planning to develop five projects in Egypt in the New Administrative Capital, North Coast, and Ain Sokhna in the next 10 years.  

(1 US Dollar = 15.73 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021

More From Construction