Egypt’s property developer MG Developments has announced launching the first phase of its first administrative and commercial project “Headquarter Business” in New Cairo, on 90th Street, with investments worth up to EGP 1 bn, Invest-Gate reports.

“[MG Developments] intend to implement the project on the highest level using the best technologies and the arts of construction and architecture to match the same in a number of countries in the Arab region, especially as this project is considering the starting point for the group in the commercial and administrative field,” according to a released statement on November 20.

Commenting on the company’s move, Chairman of MG Developments Mohammed Metawee highlighted that the new project is part of the developer’s plan to diversify its activities in its land bank as well as enter new sectors. It will be equipped with the latest technology and public services, featuring high specifications and modern designs, he added.

“[The development] will be a turning point and a significant distinction to be added to the history of our group.

“The project is giving the chance to businessmen to choose suitable spaces for them which will increase the value of the project that aims to provide all means of comfort to customers in addition to its unique position,” Metawee stated.

Established in 1998, MG Developments is specialized in real estate investment, touristic development, and construction. The developer’s projects include Sky View in New Cairo, La Vida in New Heliopolis, and Blue Blue Resort El Sokhna.