Cairo – Mubasher: Oriental Urban Development (OUD), a subsidiary of Oriental Weavers Group, will pump EGP 3 billion into the establishment of new urban cities in 2018.

OUD is partnering with B2B Company for investment and real estate marketing to start implementing Mall Side Walk on a 6,000-metre area with investment worth EGP 450 million, board member and owner Mohammed Farid Khamis told Almal News.

The company will start executing the second phase of Oriental Coast project spanning 5.5 million metres square area in Marsa Alam, Khamis added, noting that the initial phase has been completed.

OUD is a wholly-owned company by Oriental Weavers and was established in 1994 with investments up to $3.5 billion.