Egyptian SIAC Holding Construction Company has been mandated to execute a new headquarters for Faisal Islamic Bank in the country’s new capital, a senior official said on Saturday.

The new headquarters will be built over 37,000 square metres, with costs expected to range between 600 million Egyptian pounds and 700 million Egyptian pounds ($33.5 million -$39.1 million), SIAC’s chief business development officer Ahmed Azmi said.

“SIAC is looking to increase our volume of businesses in the new administrative capital as it seeks to focus on building new headquarters for banks in the coming period,” Azmi told Amwal Al Ghad.