Dubai Developments launches its second project, OBSIDIER, in the New Administrative Capital (NAC) with EGP 4 bn of investments and targets EGP 5 bn of sales, Invest-Gate reports.

Dubai Developments Chairman Abdel Fatah El Mor reveals that the project is located in the downtown touristic towers area, in the center of the Green River area, overlooking the Cathedral and the Iconic Tower.

“OBSIDIER is a mixed-use project that covers 13,500 acres, comprising 27 floors. Moreover, the project encompasses 1,000 units, including 220 commercial units and 600 administrative, medical and hotel units,” he states.

El Mor further explains that the company provides flexible terms of payments and instalment systems, as follows:

• 10% and installment over seven years.
• 15% and installment over eight years.
• 20% and installment over nine years up to 12 years.

According to the company press release, Dubai Developments has contracted with Consultant Eng. Mohamed Talat to carry out designs and construction consultancy for this project. The company also has contracted Business Concierge to manage the administrative part and Mission 235 to manage the project shops.

As for the project architectural design, labeled Black Diamond, the project will be diamond-shaped, allowing a different view of each of its corner; therefore, there won’t be rear views.

Regarding the company expanding plan, El Mor uncovers that the company targets to pump EGP 20 bn of investments in NAC during 2022 and 2023, adding that negotiation is underway with The Administrative Capital for Urban Development (ACUD) to purchase a new plot for a residential project.

Furthermore, he points out that the company plans to pump EGP1 bn of investments in its projects during 2022.

Speaking of Dubai Developments’ first project in NAC” Capital Dubai Mall, El Mor points out that it’s a commercial entertainment complex located in R7, overlooking the central axis and the tourist walkway (Champs Elysees). The project spans over 3.5 acres, with a built-up area of 5,700sqm for each floor.

“Capital Dubai Mall consists of two basements, a ground floor, and two upper floors. The first floor overlooks a landscape, while the second floor contains a 2,500 sqm-food court and spaces for the external shops,” he adds.

He further elaborates that this mall serves 42 compounds, pointing out that the company presents flexible payment systems, including:

• 10% down payment with six years of installments
• 15% down payment with seven years of installments
• 20% down payment with eight years of installments

The company has contracted with Hafez Consultant Office for the engineering and construction designs, he concludes, “The company has succeeded in selling about 65%.”