Tycoon Tower in NAC sells 50% of its units for EGP 2bln

Nile Developments, the first specialised Egyptian company in constructing skyscrapers, announced on Monday that its Tycoon tower sold 50 percent of its first phase for two billion Egyptian pounds.

The Tower is located in the New Administrative Capital (NAC) and it is considering Africa’s highest hotel.

Chairman and Managing Director of the Administrative Capital Company, Khaled Abbas, attended in the project’s launching in February.

NAC attracted investors from all over the world in fields like real estate, smart cities, energy, and digital solutions. The NAC is now coming to life after a number of ministries relocated there.

Abbas stated in January that 30,000 public employees will move to the new capital in the period from March and April.

Egypt’s cabinet as well held it weekly meeting at the new capital earlier this month.