El Ezz Group launches its commercial administrative tower project “Destino” in the New Administrative Capital (NAC), Invest-Gate reports.

The Destino project is a commercial administrative medical building in the NAC’s Downtown. The project spans over an area of 3,000 sqm with a gross sales area that reaches 13,000 sqm. Moreover, the sizes of administrative and medical units start from 25 sqm; meanwhile, the commercial ones start with 35 sqm.

Additionally, El Ezz Group has contracted ACE Moharram Bakhoum as the engineering consultant for the project, and Distance Studio Consultants has taken over the architectural designs of the project.

“This balanced vision was the basis on which the group relied in developing its investment plan in Egypt during the next period. Accordingly, the group will focus on modern real estate investment in the New Administrative Capital, which represents a real shift in administrative and economic thought. In addition to, the development of huge projects in manufacturing and tourism development in Hurghada with investments of more than EGP 10bn over the next five years,” Chairman of El Ezz Group Moataz Moharram comments.

Moharram adds that the Egyptian economic structure currently enjoys incentives that encourage investment, in light of the state’s interest in attracting foreign direct investments (FDIs) and creating the appropriate climate for the private sector, which has become a key partner for the state in achieving economic and national goals.

Launching the Destino project falls in line with the company’s quest to contribute to accelerated economic development in Egypt in the current period. Furthermore, Moharram notes that the company plans to launch several other industrial and tourism projects in the coming period.