Saudi Egyptian Developers (SED) announced on Sunday the launch of a mixed-use project in the Fifth Settlement at an investment of about 8 billion Egyptian pounds ($510 million). 

Company CEO Mohamed Al-Taher told Zawya Projects that the yet-to-be-named project would have a built-up area of 160,000 square metres and include offices, clinics, stores, entertainment zones and a five-star hotel. 

He said SED acquired 21.6 acres of land at a cost of 2.8 billion pounds ($178 million) for the project, adding that work is expected to start in the fourth quarter. 

Al-Taher said the company intends to deliver 1,740 units from its ongoing projects during 2021. The company will also spend 3.5 billion pounds ($223 million) on new and ongoing projects this year. 

Ongoing residential projects include the 3-billion pound ($191 million) Jayd in New Cairo; the 4-billion pound ($255 million) Bleu Vert project in New Administrative Capital; the 7-billion pound ($446 million) Sawary project in West Alexandria in partnership with New Urban Communities Authority; and the 300-million pound ($19 million) Dora and the 450-million pound ($29 million) Zahra residential projects in Assiut governorate.  

He said SED is also building the 350-million-pound ($22 million) Secon resort in New Damietta. The project’s 190-unit residential portion is on track for completion in 2021, while the hospitality part, comprising of a 110-key hotel, would be completed in 2024. 

(1 US Dollar = 15.70 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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