Cairo - Mubasher: Ora Developers Egypt announced that its respective subsidiary has signed an EGP 2.50 billion construction agreement with leading contractor Orascom Construction for the construction of phase 1 of Silversands project situated at North Coast. 

The signing ceremony took place at the Ora Developers Egypt offices at the Nile City Towers, in the presence of senior executives from Ora Developers Egypt and Orascom Construction, according to a press release on Wednesday.

Representatives of each of the companies, including CEO and Chairman of Ora Developers Group, Naguib Sawiris, CEO of Ora Developers Egypt, Haitham Abdel Azim, and CEO of Orascom Construction, Osama Bishai, attended the event. 

Haitham Mohamed, CEO of Ora Developers Egypt, stated: “Ora Developers’ goal has always been to provide the best-in-class solutions and ensure outstanding results and quality.” 

Bishai of Orascom Construction, commented: “We are pleased to work with Ora Developers Egypt again, this time on their new flagship project on the North Coast. We are already building the first phase of ZED Sheikh Zayed and look forward to collaborating on the development of Egypt’s North Coast.”

Silversands North Coast is the real estate company’s latest mixed-use development project on Egypt’s sandy North Coast, offering a luxurious community placed on the Mediterranean shore, covering 500 feddans and bordering a 1 km long beachfront.