A new company under the name of City Edge Developments was launched on 30 January, Invest-Gate reports.

The company is 60% owned by the New Urban Communities Authority (NUCA) and 38% by Housing and Development Bank (HDB).

A total of EGP 1.3 bn were invested in the foundation of the company, which aims to establish residential and mixed-use projects.

The company plans to start working on two major projects in Sheikh Zayed and 6th of October in the first and second quarters of 2018, according to the company’s CEO Mohamed Al Alfy.

The first 490-unit project is a smart and integrated residential compound worth investments of EGP 2 bn, while the second is a mixed-use development including offices and entertainment buildings and valued at EGP 3.5 bn, according to Al Alfy.