Egypt-based Edge Holding for Urban Development plans to invest nearly EGP 25 bn in Egypt’s real estate market in the next 10 years, intending to implement residential skyscrapers in New Alamein as well as another project in Ain Sokhna, Invest-Gate reports.

Sales Manager Mohamed Samir unveiled in a released statement Edge Holding’s newest 70-story administrative tower in the New Administrative Capital – its second project in the smart city – with investments of almost EGP 1 bn.

Meanwhile, the sales manager said the company has marketed 70% of its “OIA” project in the new capital within five months while targeting to complete the marketing of the project by year-end.

The company had obtained the ministerial approval on OIA, which is stretching over 30 acres, Samir stated, noting that the fully-fledged project’s commercial and residential investments reached about EGP 5 bn.

Comprising only 20% building area, OIA will include 1,280 units, along with a commercial area on 4,800 square meters and a swimming pool as well as a mixed-used area built on a total of 18,000 square meters.

Edge Holding is an Egyptian-Saudi joint venture between Egypt’s construction company Al-Borouj Egypt and Saudi-based real estate developer El-Mashareq.