Global Pioneers Real Estate Investment, an affiliate to UAE-based Pioneer International Group, has begun the construction of the first commercial center in MU23 district at the New Administrative Capital (NAC), at costs amounted at EGP 750 mn, Invest-Gate reports.

The mall, comprising seven administrative floors, is scheduled to be finalized by the end of 2020, ahead of the date set by the Administrative Capital for Urban Development (ACUD) – NAC’s master developer – to finish implementation works on-site Chairman of Global Pioneers Samy Sayed emphasized in a recently released statement.

It was designed by Pioneer International Consulting, in accordance with the highest standards and using the world’s latest building materials, Sayed stated, pointing out that the company’s shareholders consist of Egyptian and Emirati investors, who are keen on pumping more investments into a prospering mega-project such as NAC.

On another note, the chairman hailed the full cooperation and support by ACUD’s officials in speeding up licensing procedures for the commercial center, which obtained its building permit on February 25, in less than four months.