By: Abdullah Bedeir
Cairo – Mubasher: Ora Developers plans to inject EGP 2 billion to ‘Zed’ project in Sheikh Zayed by 2020, CEO of the real estate developer Haitham Abdel Azim said.
With investments of EGP 40 billion, the project is scheduled to be implemented over ten years, with expectations to achieve sales of EGP 50 billion, the CEO said on the sidelines of a conference held in Cairo on Sunday.
The investment plan of the project includes injecting EGP 1 billion in 2019, EGP 1 billion in 2020, and between EGP 3-4 billion annually for the remaining eight years, he noted.
Construction in the project will begin in November after obtaining all construction licences, Abdel Azim revealed, adding that Orascom Construction will be one of the companies implementing this project.
Ora also aims to obtain land plots in Ras Al Hekma on the North Coast as well as Tagamoa El Khames in New Cairo, he noted.
Over an area of 165 feddans, Zed Towers Sheikh Zayed will feature 5,000 fully-finished residential units as well as two 20-storey towers and buildings comprising ten stories.
Translated by: Zeinab Adel
