Hassan Allam, Maadi Development, Al Nasr team up for residential project in Alex

Egypt’s Hassan Allam is planning to develop a residential project in Alexandria in partnership with Maadi for Development and Construction as well as Al Nasr Housing.

The total cost of the project is expected to be worth more than one billion Egyptian pounds ($56.9 million).

Atef Barbary, Hassan Allam’s Managing Director for Financial Affairs, said Saturday that the project would be located in Muharram Bek Square in Alexandria, on a space of around 18,000 square metres.

“We are seeking to implement this project before the end of 2017,” Barbary noted.

“It is one of the biggest and most important real estate projects, which we target working on as part of a plan to develop affiliated land portfolio,” he further added.

Hassan Allam is keen on expanding its real estate investment projects in the local market and use affiliated lands positively, Barbary concluded.