Egyptian developer Arabia Development announced on Thursday the launch of Elora residential project in Sheikh Zayed City in West Cairo at a total investment of 20 billion Egyptian pounds ($647 million)

The project will offer 3,600 residential units, the developer said in a statement.

Tarek Shokry, non-executive chairman of Arabia Development said the company has framed an ambitious investment plan for 2024 aimed at completing existing projects and launching new projects in prominent urban locations in Egypt.

The company owns more than 15 projects including: Sun Capital, Galleria Mall, Galleria Residence, Moon Valley 1, Moon Valley 2, Office building 217, Office building 48, and Tycoons.

(1 US Dollar = 30.90 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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