By: Abdullah Bedeir

Cairo – Mubasher: Edge Holding for Urban Development has unveiled plans to invest around EGP 20 billion ($1.116 billion) in projects across the New Administrative Capital and Al Alamein City, a top official has said.

The company is planning to invest EGP 2.5 billion in a tower comprising housing, hotel, and administrative units in the New Administrative Capital, vice chairman for the Edge Holding’s commercial sector revealed.

Speaking to Mubasher on the sidelines of the NextMove 2017 event, Nader Badr said that his company was targeting EGP 8 billion in sales from the New Administrative Capital project.

Established earlier in 2018, Edge Holding is the result of a huge mutual fund between Egypt’s Al-Borouj and Saudi Arabia’s El-Mashareq with the purpose of investing in the Egyptian market.

Edge has already submitted a request to the New Administrative Capital for a plot spanning 15,000 square metres in the towers area to implement the project, the top official revealed.

Slated for completion within four years from receiving the land plot, the new tower will comprise 40 storeys, Badr added.

Apart from this project, which has yet to be named, Edge Holding has another project in the New Administrative Capital, named OIA with around EGP 3 billion in investments.

As for Edge’s investment plans in New Alamein City in Egypt’s North Coast, the vice chairman for the commercial sector said that his company was looking to execute a residential and hotel project covering an area of 50 acres at EGP 15 billion in investments.

Translated by: Nada Adel Sobhi