Cairo – Mubasher: Egyptian real estate company Abraj Misr paid EGP 600 million out of EGP 800 million that represent the price of the land of its project “The Gate” in Heliopolis, said Mohamed ELShanety CEO of Multiples Group that acts as the financial advisor of Abraj Misr.

Abraj Misr in the middle of talks with number of banks to secure the finance needed by the” The Gate” project, added ELShanety.

The company will announce all the details by the end of 2016, he noted.

The 400.000 sqm project is set to be completed within 24 months. Placed in the heart of Cairo, The Gate is a luxury mixed-use development encompassing seven residential, commercial, retail, and office units with a five-star hotel and services.