Awqaf Investment Arm to Begin Construction on Faraskour Compound in Damietta

Thursday, 20th October 2016

Ibrahim Mahlab, presidential adviser for national strategic projects, has demanded construction begin on a residential compound in Faraskour, Damietta under the supervision of Damietta’s governor and the Ministry of Religious Endowments’ investment arm, El Watania Group for Awqaf Investments, Al Borsa reported on Wednesday.

The compound will include 1,354 residential units and is set to be completed within two years with construction expected to begin this month, starting with 18 residential towers earmarked for the governorate’s residents, according to a statement by Mohamed Mokhtar Gomaa, Minister of Religious Endowments. The compound will be built on a four acre plot with 826 residential units and 60 retail units.

The total investment cost for the project is EGP 300 mn, paid for by El Watania Group, which will aim to recoup its investment by collecting on the sales of units.

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