Egypt's Urbnlanes Developments, a subsidiary of Kuwait's First Group, will launch two commercial projects, located in New Cairo in the second quarter, the company's CEO said.
Fady Abdallah told Zawya Projects that the two projects are being developed at a total investment of about 5.3 billion Egyptian pounds ($337 million).
He said construction has started on the first project, 5-storey office and retail store complex, spread over an area of 4,850 square metres (sqm).
The complex, which is being developed at an investment of 2.5 billion pounds ($159 million) would be completed in two years.
Abdallah said the second project, spread over an area of 10,000 sqm, would be developed at an investment of 2.8 billion pounds ($178 million).
He said construction is expected to start by the end of 2022 and complete after three years.
Earlier this month, the developer had launched its Levels Business Tower project in the New Administrative Capital.
(1 US Dollar = 15.75 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
