Egyptian developer UC Developments has launched a mixed-use project, Unitower 1, in the New Administrative Capital (NAC) at a total investment of about 700 million Egyptian pounds ($45 million), the company's CEO said.

Sameh Awad told Zawya projects that the 10-storey, 500-unit complex will have a built-up area of 11,000 square metres and include offices, clinics, stores and hotel apartments.

He added that construction will start after six months and complete by 2023.

Awad said that Hany Saad innovation is the main consultant for the project.

Award said the company will launch new projects in the NAC and New Alamein City in 2021 with total investment of about five billion pounds ($318 million).

He didn't elaborate but said the company currently relies on equity financing for its projects.

(1 US Dollar = 15.71 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