Egypt’s Al Ahly for Real Estate Development is to implement a new project in the North Coast early next year, with investments worth EGP 4.8 bn (USD 270.1 mn), Reuters reports.
Ahmed Sabbour, Al Ahly’s Managing Director, says that the project will be a housing project, spanning over an area of 300 feddans.
Al Ahly will establish the project in partnership with a real estate investment firm El-Dar Global, which owns the land plot, Sabbour adds.
He also says that Al Ahly has started implementing the fourth phase of Amwaj project in the North Coast.
“We have so far carried out 40% of the fourth phase and promoted around 60% of the units,” Sabbour notes.