Upscale Development Holding (UDH), an emerging real estate company, launched its first project worth EGP 4 billion ($ 450 million) in Borg El Arab, said company Chairman, Mohamed Khairy, according to Amwal Al Ghad.

The project will be executed over an area of 150 acres, to include 3,000 housing units  with villas townhouses and apartments. An Area of 190,000 square meters of the project will be allocated for a commercial area, named smart town, to include commercial, business and facility services of the project. It will also provide 50,000 direct and indirect job opportunities.

Additionally, the project will include a university over an area of 126,000 square meters, as well as 3 schools and training centers.

The project will be executed over 5 years, starting with the first phase, this year, Khairy said, adding that the paid-in capital is EGP 200 million, out of a total EGP 1 billion of authorized capital, according to Al Borsa.

The company is planning to resort to investments funds,  banks and other firms for funding after further studies, according to Khairy.

The company is also working  with the design, engineering and consultancy firm, Atkins Global, as well as Jones Lang Lasalle (JLL) on the project, awaiting for obtaining all permits and clearances.

Borg El Arab was chosen for its proximity to Borg El Arab Airport and Alexandria Port, plus the need for a comprehensive city for services and education, Chief Commercial Officer Ziad Ali told Al Borsa, adding that the company will focus on developing skills and setting up workshops for small and medium enterprises.