Egypt’s property developer ARCO says it is planning a new fully-fledged urban flagship in Sheikh Zayed City, at the outskirts of Cairo.
With investments of nine billion Egyptian pounds ($503.5 million), the new project will be established on a space of 410 feddans, the company’s chief executive Ayman Ibrahim told Amwal Al Ghad on Saturday.
“We had earlier submitted an offer to the country’s New Urban Communities Authority (NUCA) to get the project’s land plot,” Ibrahim further added. NUCA is an agency under Ministry of Housing.
ARCO’s total land portfolio reaches around 11 million square metres and varies between a number of residential and touristic projects, he said.
“We had pumped investments exceeding one billion pounds into City Starts project in North Coast resort,” Ibrahim said, adding that the project is being developed over 743 feddans within ten-year timeframe.