Egypt’s First Group to start first phase of a new project mid-2018

Egypt’s First Group says it plans to start executing the first phase of its new flagship in Fouka area in North Coast mid-2018, with investments totalling one billion Egyptian pounds ($56.6 million).

Bashir Mustafa, First Group’s chairman, told Amwal Al Ghad on Monday that that the first phase is to include 800 housing units, representing around 50 percent out of the project’s units.

The property developer company is set to deliver this phase within 2021, Mustafa further said.

“The fully-fledged hotel and residential flagship will be established in four phases, on a space of 95 feddans,” the Egyptian official stated, adding that it is to include four stars hotels.