Misr Real Estate Assets Management is planning to launch new projects in the next two months, the company chairman and CEO told Zawya Projects.

Abdel Nasser Taha didn't reveal details about these projects but said the company owns more than eight plots in Egypt

The company has completed 50 percent of the construction of its mixed-use Osoul El Haram development in Giza governorate, Taha said.

The project, spread over an area of 5,804 square metres, includes offices and a commercial mall.

Taha said the company has invested a total of 300 million Egyptian pounds ($19 million) in the 64-unit project, including an estimated construction cost of 130 million pounds ($8.3 million), adding that the project would be delivered in two phases in 2021.

He also disclosed that the company planned to spend 500 million pounds ($32 million) on projects during the current fiscal.

Misr Real Estate Assets Management is a subsidiary of Misr Insurance Holding Co.

(1 US Dollar = 15.70 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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