Ora Developers has signed a deal with Orascom Construction to build the first phase of west Cairo’s ZED Sheikh Zayed, Invest-Gate reports.

“Ora Developers also signed an agreement worth EGP 1 bn with Banque Misr dedicated to the first phase of the project,” according to the company’s bourse filing on May 12.

Phase I, which was awarded to Orascom, comprises around 600 residential units, with its scope of work also including the construction of a three-story garage, a two-level shopping mall, and four 17-story apartment towers.

Ora Developers CEO Haitham Abdel Azeem affirmed, “We are proud of maintaining the pace of construction of the project and we look forward to finalizing the project as planned within 35 months, to start the delivery of the first phase by 2023.”

“We are committed to the delivery schedule of the project as we have started the construction works last August, just four months after the launch. We managed to commence with drilling and deep foundations and we will ensure that construction continues at the same pace, as we are committed to the delivery dates we promised the customers with,” Chairman of Ora Developers Naguib Sawiris was quoted as saying.

The multi-purpose project will be developed over six phases, involving more than 4,500 fully-finished residential units, an administrative/commercial complex, among other services and amenities.