Saudi-Egyptian developer Al Tameer Arabian will launch a commercial project Rivan Tower in the Down Town area of Egypt's New Administrative Capital (NAC) in the first quarter, a top company official told Zawya Projects.

Ahmed Osama, Head of Commercial, said the one billion Egyptian pounds ($63.6 million) project, comprising offices, shops, and hotel apartments, is the company's third project in the NAC after 'Rivan' residential and 'Rivan Square' commercial projects.

He said construction would start in the third quarter, adding that the new project will take the company's total investments in NAC to more than five billion pounds ($318 million).

"We are targeting 500 million pounds ($32 million) of contractual sales revenue from Rivan Towers," Osama said.

Local firm DMA was awarded the design and construction supervision contracts for the project.

The official said apart from the NAC, the company is also eyeing projects in the North Coast but didn't elaborate.

He also praised the support extended by NAC's master developer Administrative Capital for Urban Development (ACUD) to customers during the Covid-19 crisis to complete and deliver their projects on time.

(1 US Dollar = 15.72 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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