Arkan for Construction and Real Estate has acquired a 2,000-square-meter land plot in Sheikh Zayed, west Cairo, to implement a commercial and administrative center, with investments worth EGP 65 mn, Invest-Gate reports.

Emad Eissa, the company’s chairman, announced in a press conference on July 25 that the project will comprise 30 commercial units, alongside 70 administrative properties, indicating that it will be launched within two months, while designs are underway.

The property developer aims to begin implementing the new development by early 2020, eyeing a delivery timeframe of a year and a half, Eissa revealed.

During the coming period, Arkan plans to establish another 15-acre urban project in 6th of October City, west Cairo. The company is currently in negotiations with the New Urban Communities Authority (NUCA) to acquire the land through the new direct allocation system.

According to the chairman, talks are focused on the plot’s price and payment method, whilst approval will be obtained in the near future.

Back in June, NUCA’s board of directors approved a new mechanism to deal with investors’ requests for land plots offered in new cities, endeavoring to facilitate purchase procedures and boost investment inflows in the newly-introduced areas.

It stipulates the authorization of NUCA’s planning and projects sector, in coordination with the new cities’ authorities, for the direct assignment of land activities and sizes to identify the available areas, based on the investor’s request and the development priorities of each city.