El Shams Housing to pump EGP300mln into flagship in New Capital

MoneyReal Estate
By Marwa himdan
Mahmoud Maghawry, Chairman of Egypt’s El Shams for Housing and Development

Egypt’s state-run El Shams for Housing and Development seeks to pump 300 million Egyptian pounds into its new flagship (Solana Sun) in the New Administrative Capital, its chairman said.

The company will pump these funds into the construction works of the project which will start next May.

The fully-fledged project will span over 38,000 feddans, with total investments of around 500 million Egyptian pounds ($48 million), Mahmoud Maghawry added.

He also added that the company is committed to finish the project within a time frame of three years.

The project is set to include one medical centre and five commercial malls, he added.

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