Egyptian developer Skyway announced on Sunday the launch of its 700 million Egyptian pound ($45 million) Bayadega commercial project in the New Administrative Capital.
 
The company said in a press statement that the project would be located in NAC's Downtown area on a 3,600 square-metre and comprise of offices, shops and clinics.
 
The statement quoted Skyway CEO Hosny ElSaidy as saying that the engineering consultant office of Mohamed Talaat has designed the project.
 
He said the construction contract was awarded to an Emirati company specialised in the construction of towers, adding that construction will start in the seconnd half of the year.
 
ElSaidy also disclosed that Skyway is planning to tie-up with real estate companies from the Gulf region for investments, and for partnering in projects in the new cities being developed by the Egyptian government.
 
The company is planning to invest three billion pounds ($191 million)in the NAC in the coming years, he concluded.
 
(1 US Dollar = 15.71 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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