Edge Holding to invest 20bn pounds in Egypt’s New Capital, New Alamein
Egypt’s Edge Holding for Urban Development said on Sunday that it is planning to invest 20 billion Egyptian pounds ($1.116 billion) in projects across the New Administrative Capital and New Alamein cities
The real estate development firms is also looking to invest 2.5 billion pounds in a tower, including a bunch of housing, hotel, and administrative units in the new capital, vice chairman for Edge Holding’s commercial sector revealed.
Speaking to Mubasher on the sidelines of the NextMove 2017 event, Nader Badr said that his company was targeting 8 billion pounds in sales from the new capital project.
Established earlier in 2018, Edge Holding is the result of a huge mutual fund between Egypt’s Al-Borouj and Saudi Arabia’s El-Mashareq with the purpose of investing in the Egyptian market.
Edge has already submitted a request to the the New Administrative Capital for a land plot spanning over 15,000 square metres in the towers area to implement the project, the top official revealed.
Slated for completion within four years from receiving the land plot, the new tower will comprise 40 storeys, Badr added.
Apart from this project, which has yet to be named, Edge Holding has another project in the New Administrative Capital, named OIA with around 3 billion pounds in investments.
As for Edge’s investment plans in New Alamein in Egypt’s North Coast, the vice chairman for the commercial sector said his company was looking to execute a residential and hotel project covering an area of 50 acres at 15 billion pounds in investments.