By: Abdullah Bedeir

Cairo – Mubasher: ARDIC Developments has invested about EGP 2 billion in its urban project in Al Mostakbal City out of total investments of EGP 5 billion, the Chairman, Mahmoud Hegazy, said.

Spanning over 70 feddans, the project features about 2,400 residential units, Hegazy told reporters.

A total of 800 units are scheduled for delivery in June 2022, while the complete project is expected to be delivered at the end of 2023, he added.

The chairman further revealed that ARDIC has generated about EGP 1.6 billion in contractual sales from the project, targeting additional EGP 3 billion in the coming two years.

In addition, the company obtained approval to increase a loan arranged by four banks led by the National Bank of Egypt (NBE) to EGP 710 million from EGP 530 million.

Four projects, comprising a total of 1,100 units, in New Cairo, along with a shopping centre in El-Haram have already been delivered by the company.

ARDIC have been established in 1998 by several shareholders, including major banks as well as insurance and investment companies, with an authorised capital of EGP 500 million.