First Group Developments plans to launch a new development project in Sheikh Zayed by the end of May 2020, Invest-Gate reports.

The project spans over 40 acres and only includes residential villas, the group’s Basheer Mostafa said in a statement, without revealing the project’s name and investment value.

To be implemented within three years, the project will be offered for sale in the second half of 2020, with an installment period of 10 years.

Speaking on the current crisis, Mostafa asserted First Group will not lay off any of its employees amid COVID-19 aftermath, referring to all the needed precautionary measures the company took to safeguard the workers in all its projects’ sites. He also affirmed the company’s commitment to meet all deadlines.

Works are still ongoing in the 12,000-square-meter Kaya Plaza Mall, which is scheduled to be finalized in one and a half year from now.

In addition, Kazan Plaza Mall is being implemented over 16.000 square meters, with investments amounting to EGP 800 mn.

In 2019, the company’s profits hit EGP 750 mn, Mostafa said, expecting higher profits in 2020 despite the current coronavirus crisis, thanks to the new projects to be launched.