Castle Development to invest EGP 850 mln in projects in 2019

Big 5

Egypt’s urban development firm, Castle is looking to invest 850 million Egyptian pounds ($47.7 million) in its projects within 2019, said chief executive Ahmed Mansour on Thursday.

The company seeks to start carrying out three projects in the country’s new administrative capital within 2019, Mansour said, adding that the works include Castle Landmark Compound and a commercial centre.

“Castle Landmark will be executed at the end of the first quarter of this year,” he told Amwal Al Ghad, adding that the company posted contractual sales of 680 million pounds at the end of last year.

Castle Development targets increasing the sales that will be driven by launching new phases in Castle landmark and its other services projects, he said.