Sorouh Developments signs a strategic alliance with Ricon Construction and Energy for the development of a package of projects with a total investment of EGP 30 bn ($971.4 mn), Invest-Gate reports.

The “Entrada” and “Avenue Mall” projects have been launched in the New Administrative Capital, with total investments amounting to about EGP 3 bn.

Walaa Alami, Chairman of Sorouh Developments, says that this cooperation integrates the expertise and visions of both companies, with each one having accumulated expertise in the real estate investment and contracting sectors.

He adds that Sorouh has a strategic vision to quickly complete the implementation of its current projects and expand into new projects.

Alami reveals that Entrada is an integrated residential project located on about 72 acres in the residential neighbourhood R7 in the new capital, specifically in Egypt International Exhibitions Center.

The company is currently delivering the first phase of the project to clients, the top executive adds.

He states that the “Avenue Mall” project is a commercial, administrative, and medical mall located in the seventh residential neighbourhood, R7, and is adjacent to several international universities and overlooks the Expo City.

It includes various services in one place, including shops, offices, clinics, restaurants, and cafes in various areas, Alami unveils, noting that the project also includes multiple basic and recreational services on an area of 29,000 sqm