Egyptians for Housing plans $102 million tower project

Egyptians Housing Development and Reconstruction is studying the establishment of a residential and administrative tower in south of Cairo with investments up to 800 million Egyptian pounds (US$102 million), its executive director said Tuesday.

Hashem El Sayed told Amwal Al Ghad that the proposed tower would locate in Corniche El Nile El Maadi district, in cooperation with foreign consulting partners.

The tower is set to encompass 24 floors, El Sayed added, saying works would start soon after finalising the current studies.

Egyptians Housing will carry out the project in partnership with Egyptians Abroad for Investment & Development Company within 36 months.

The company has recently inaugurated Emerald Empire mall in New Cairo with total investments of 1.5 billion pounds in cooperation with Amwaj for Real Estate & Touristic Inv., noted Elsayed.

Furthermore, Egyptians Housing has delivered 50 percent of the residential villas compound in New Cairo with total investments worth 220 million pounds.

According to consolidated financial statements the company’s net profits surged to 7.38 million pounds for the first nine months of 2015, compared with 1.84 million pounds for the corresponding period of 2014.