New Event Developments has announced its latest venture, Qamari, in Egypt’s New Administrative Capital (NAC), with an investment of EGP10 bn, Invest-Gate reports.

This significant project highlights the company’s confidence in the Egyptian real estate market and its strategic expansion in the promising NAC sector.

Moreover, Qamari is strategically located in the R8 area of the NAC, which has rapidly transformed into a major investment hub. Chairman Hamid Al Rgwy emphasized the remarkable development of the NAC, noting its evolution from a visionary concept to a bustling reality, attracting local and international investors.

Furthermore, Al Rgwy expressed pride in securing a prime investment opportunity and outlined plans for an innovative and unique project that aligns with the distinctive characteristics of the NAC. He revealed that renowned architectural firm YBA – Yasser Al Beltagy Architects and Archrete office have been commissioned to design the project. Construction will begin once the necessary licenses are obtained, with EGP500 mn allocated for development within the current year.

Also, Yasser El-Beltagy, Chairman of YBA, highlighted the collaboration with New Event Developments as an exciting challenge to create an unconventional and innovative design that leverages the unique advantages of the project’s location. This partnership aims to further enhance the firm’s impressive portfolio of achievements.

Notably, with Qamari, New Event Developments reaffirms its commitment to contributing to the dynamic growth of the NAC, positioning itself as a key player in Egypt’s burgeoning real estate landscape.