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Egyptian-Saudi joint venture Artal Developments has unveiled its latest mixed-use project, Stride, in New Cairo, with a total investment of 12 billion Egyptian pounds ($248 million).
Maher Taha, CEO of Artal Developments, stated that the project will feature a combination of shops, offices, and clinical units, developed in four phases. Covering an area of 13,600 square metres (sqm), stride will have a total built-up area of 57,200 sqm.
“The first phase will be delivered by 2028," he said, adding that strategic partnerships with several major specialised companies, and consulting firms will be announced soon to advance the project.
He said the company will spend EGP1 billion $21mln for Stride’s construction work in 2025.
“This project not only strengthens Artal's presence in the Egyptian market but also opens up new horizons for cooperation with our partners in Saudi Arabia, reflecting the growing confidence in the Egyptian market as an important investment destination in the area," he concluded.
(1 US Dollar = 48.40 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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