Cairo – Mubasher: Orascom Construction PLC signed an agreement with Ora Developers to establish the first phase of ZED Sheikh Zayed in Egypt.

In addition, Ora Developers also signed a EGP 1 billion loan agreement with Banque Misr to finance the first phase of the project, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The construction of the project is scheduled for completion within 35 months and the delivery of the first phase is expected to begin by 2023, CEO of Ora Developers, Haitham Abdel Azeem, said.

The multi-purpose development comprises six phases with more than 4,500 fully-finished residential units as well as an administrative commercial complex.

The first stage awarded to Orascom Construction consists of nearly 600 housing units.

It is noteworthy to mention that Orascom Construction, listed on the EGX and Nasdaq Dubai, reported net profits of $131.1 million in 2019, down from $154.7 million in 2018.