ICEC

Redcon in process to deliver Oriana Compound in New Cairo

Egypt’s Redcon Construction says it has started delivering its flagship Oriana Compound in Cairo Festival City in Fifth Settlement district, New Cairo, during the current period.

The project is with investments estimated at 200 million Egyptian pounds ($11.1 million), said Redcon’s chief finance officer Ali Arfan on Wednesday.

Oriana, which is one of Redcon’s biggest residential projects in Fifth Settlement, will include implementing 101 various villas, Arfan further added.

“We are currently executing a number of major residential projects in Mivida in New Cairo in favour of Emaar Misr for Development,” he added. Emaar Misr is the Egyptian unit of UAE property conglomerate Emaar Properties.

These residential project are set to encompass 250 giant villas, he said.

Redcon signed new contracts with Emaar during the last five years, Arfan said, adding that Emaar’s business volume reached around 800 million pounds.

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