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Egyptian developer Arqa Development Group (ADG) has started construction of its 5 billion Egyptian pounds ($319 million) I-Business Park project in the New Administrative Capital (NAC), the company's CEO said.
Ahmed Gamal told Zawya Projects I-Business Park project includes 2,200 units for offices, clinics and stores.
Gamal said the project would be finaced by equity and customer advances with the company pumping 1.2 billion pounds ($76 million) into the project this year. He also disclosed that Arqa's next project in the NAC is a commercial project but declined to elaborate.
(1 US Dollar = 15.69 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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