Egypt-based IWAN Developments is preparing to launch a new integrated urban project in the Red Sea region soon, Invest-Gate reports.

Waleed Mokhtar, CEO of IWAN Developments, told Invest-Gate on March 12 that the company has already acquired the project’s land plot from the Tourism Development Authority (TDA) and is currently working on the project’s master plan and design.

Mokhtar added that IWAN plans to begin the implementation of its new project on the Red Sea coast, parallel with its projects in Sheikh Zayed, west Cairo.

The company is currently working on finishing the final phases of the existing projects in Sheikh Zayed and 6th of October cities, targeting to finalize them within this year, in addition to other administrative projects being developed by the property developer in the Smart Village, west Cairo, Mokhtar highlighted.

Additionally, he noted that part of IWAN’s strategy is inclined towards Egypt’s coastal areas, New Cairo, and Sheikh Zayed, attempting to diversify its real estate portfolio in terms of places and spaces, as well as, to expand its land bank in a number of new urban cities.

The company has already acquired two land plots with a total area exceeding 1,100 acres in New Cairo and Sheikh Zayed, seeking to develop them in partnership with the New Urban Communities Authority (NUCA).