By: Abdullah Bedeir

Cairo – Mubasher: Ora Developers is currently in negotiations with three to four banks over a EGP 2 billion loan, the CEO, Haitham Abdel Azeem, said.

After the completion of negotiations, the company will inject EGP 1.5 billion into ZED Zayed and EGP 500 million into ZED East in New Cairo, the CEO told reports on the sidelines of an event held in Cairo. 

The real estate developer previously obtained a EGP 1 billion loan from Banque Misr to finance ZED Zayed project, he added.

In May 2019, Ora Developers, chaired by Naguib Sawiris, launched ZED project in Sheikh Zayed with investments of EGP 35 billion.

The development, spanning over 165 feddans, comprises 5,000 residential units in two 20-storey interconnected towers and other apartment buildings of 10 floors.

ZED East in New Cairo was launched in January with a plan to be built over 400 feddans with EGP 100 billion investments.