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Emerald Development to build EGP 2bn commercial project

Emerald Development to build EGP 2bn commercial project
The project is expected to generate EGP 4 billion in sales
Emerald
EMDE
4.47% 1.64 0.07

Cairo – Mubasher: Emerald Development & Projects Management plans to establish a new project in Corniche El-Maadi with an expected investment of EGP 2 billion, CEO Hashem El-Sayed revealed. 

The project, which will feature commercial, administrative, and hotel units over a built-up area of about 85,000 square metres (sqm), is expected to generate EGP 4 billion in sales, El-Sayed said on the sidelines of a press conference on the occasion of the start of trading of the company's shares on the Egyptian Exchange (EGX) on Monday. 

Construction in the project will begin by the end of 2021 to be completed within three years, the CEO added.

Earlier, the EGX announced that the public and private offerings of Emerald Development & Projects Management have been executed on 45 million shares, representing 10.59% of the company’s issued shares, at a price of EGP 1.28 per share, totalling EGP 57.6 million.