Egypt's Al Ahly Sabbour has launched the 200-villa second phase as well as the commercial component of its 5-billion-Egyptian-pound ($319 million) Keeva project in the 6th of October City. 

Both launches represent a combined investment value of 895 million pounds ($57 million), the company’s CEO Ahmed Sabbour told Zawya Projects. 

Keeva comprises of 1,158 town houses and villas, and a commercial centre spread over an area of 144 acres and is being developed in partnership with the New Urban Communities Authority (NUCA). 

Sabour said the second phase villas would be delivered by end-2024. 

The 17-acre commercial part was designed by Seven Architects, he added. 

Emad George, Deputy CEO of Al Ahly Sabbour said sales revenue for Phase 1 stood at 1.5 billion pounds ($96 million) and the target for Phase 2 is 1 billion pounds ($64 million).  He added that the company has invested 600 million pounds ($38 million) to date on construction works this year. 

Sabbour said the company will deliver 4,000 units in different projects representing a total construction value of 2.5 billion ($159.5 million) and sales worth 6 billion ($383 million) this year. 

He also disclosed that the company is planning to develop partnership projects in New Administrative Capital and New Alamien City. 

(1 US Dollar = 15.67 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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