(MENAFN- Daily News Egypt) Ora Developers plans to invest EGP 1bn in ZED project in Sheikh Zayed City this year.
Haitham Mohamed, CEO of the company, said that the company has begun the groundwork of the project, noting that the company plans to double those investments in the project next year.
Mohamed pointed out that the project is being developed in six phases, and has obtained the ministerial approval for its development.
The project is located on an area of 165 feddans, comprises 700,000 sqm representing the residential activities, 40,000 sqm administrative part, and 70,000 sqm for commercial units, he noted.
He added that the project's investments recorded EGP 40bn, revealing that the company aims to achieve EGP 50bn.
Additionally, he unveiled that the company has applied for acquiring 850-feddan plot of land in North Coast to develop tourism project on it.
"The company studies investments opportunities in east Cairo and North Coast through partnership system or purchasing lands," Mohamed elaborated.
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