30 May 2019
Egyptian developer Tabarak Holding is planning to develop 821-acre residential project in West Cairo at a total cost of 15 billion Egyptian pounds ($894 million), the company CEO said.

Ali El-Shorbany told Thomson Reuters Projects that the residential development would comprise of "large family homes" with each home incorporating four family dwellings.

He didn't disclose the total number of 'family homes' planned but said the project would be developed over a period of six years and also include a 100-acre club and farming areas to allow residents to grow their own produce.

He said the licensing process is underway and the project is scheduled to be launched in October 2019.

The company is also looking at a new residential project in Saudi Arabia in partnership with the government and another residential project in Assiut governorate in Upper Egypt, El-Shorbany said without going into details.

Commenting on ongoing projects, he said the company is scheduled to deliver residential projects in Saudi Arabia and Egypt this year. These include the A'aaly Al-Riyadh project in Saudi Arabia; 520 units of Capital East project in Nasr City and the 420-unit first phase of the 90 Avenue project in New Cairo.

He said the company's land bank in Egypt currently stands at four million square metres.

(1 US Dollar = 16.74 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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