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The $388mln commercial project will be developed in 3 phases
Egyptian developer Main Marks Developments announced the launch of its new project, MORAY in Fifth Settlement, New Cairo at an investment of more than 12 billion Egyptian pounds ($388 million).
MORAY, which will be developed over an area of 16.5 acres, comprises a business hotel, and 600 retail, office and medical units, and will be delivered in three phases.
George Ghanem, CEO of Main Marks Developments told Zawya Projects that the company is looking to achieve sales of approximately EGP34 billion pounds ($1.1 billion) from MORAY.
He said construction will begin in the first quarter of 2023, and the first phase of MORAY is expected to be delivered by 2028.
Main Marks Developments has appointed Qatari firm RETAJ to provide project management services, ARKAN Consultants as the lead consultant, Art Five Studio as project consultant, and a UAE-based company as the main contractor.
Ghanem said the company will invest EGP850 million ($28 million) in construction in 2024.
Main Marks Developments is an Egyptian - Emirati joint venture by three Egyptian companies, namely Wealth Real Estate Developments, HTD Properties and Al Hayat Construction and Development, and the Abu Dhabi-based Rawabi Al Ain General Contracting.
(1 US Dollar = 30.89 Egyptian Pounds) |
