PHOTO
A general view of buildings under construction in the New Administrative Capital (NAC) east of Cairo, Egypt July 5, 2021.
Egyptian developer Anchor Developments has launched Rivoli, its first project in the New Capital at an investment of 3 billion Egyptian pounds ($123 millon).
Anchor Developments Chairman Amr Ali told Zawya projects that strip mall project is located within the Bleu Vert project owned by the Saudi Egyptian Development Company.
The three-storey strip mall is being developed over an area of 10,815 square metres and comprise of retail and office units.
Executive manager Hady Fathy added that construction will start in December and complete by June 2025.
He said company has two more plots within Bleu Vert totalling 26,275 square metres, where it plans to develop mixed-use projects.
Rivoli’s design contract has been awarded to Medad Consultant Engineers.
Agreements have been inked with MRB for Project Management and Saudi Egyptian Construction Company to provide services for the Rivoli project, Fathy said
He disclosed that the company plans to invest 10 billion pounds ($409 million) over the next two years across various projects.
(1 US Dollar = 24.43 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
