Inertia Egypt obtained ministerial approval for the Jefaira project in the North Coast, Invest-Gate reports.

After transferring the North Coast lands jurisdiction from Marsa Matrouh Governorate to the New Urban Communities Authority (NUCA), Inertia finalized the contracts for the project’s land plots. This move grants Jefaira project more flexibility and efficiency in its detailed plan and enhances the diversity of services within it.

This development comes amid Inertia’s vigorous efforts to accelerate the project’s execution and delivery rates. Recently, the company signed contracts with Darko Contracting and Modern Interiors to carry out new works totaling approximately EGP 450 mn.

These works are expected to be completed within a year from the commencement date, aligning with Inertia’s plan to expedite project execution and delivery according to the set schedules.

Ahmed El Adawy, the CEO of Inertia, stated that the company’s current focus is on increasing the completion rates of the Jefaira project, adding that higher execution rates contribute to enhancing the company’s credibility by meeting delivery deadlines, despite the current challenges.

El Adawy comments that the contract with Darko Contracting includes the construction of 76 buildings with 189 units, while the contract with Modern Interiors involves the construction of 135 buildings with 299 units.

These contracts prioritize customer delivery according to specified standards and quality requirements in all aspects of the planned works. The agreements follow Inertia’s previous contract with Redcon Development for project works valued around EGP 850 mn.

“After obtaining the ministerial decision, the company is focused on expediting project execution to deliver to customers and achieve the company’s plan of delivering approximately 1,000 units across all Inertia projects in 2023,” El Adawy added.

El Adawy also revealed that the company fulfilled all the financial installments owed to the New Urban Communities Authority, reflecting the seriousness, commitment, and financial strength that support the company’s ability to develop an exceptional project like Jefaira.