Egypt’s Al Arabia Real Estate and Development- ARCO hopes to invest around 2.2 billion Egyptian pounds ($124.3 million) in its projects within 2018, said chief executive Ayman Ibrahim on Wednesday.
“The investments (2.2 billion pounds) will be directed for installment payments of new land plots to the New Urban Communities Authority (NUCA); while the rest sum of money is for signing construction contracts to execute new works in the firm’s current flagships,” Ibrahim further told Amwal Al Ghad.
ARCO has earlier submitted offers to attain four land plots in the second phase of its ongoing projects that were launched by the state’s NUCA at the end of last year, he added.
ARCO offered to develop a total of 297 feddans in New Cairo as well as 910 feddans in Sheikh Zayed (at the outskirts of Cairo) for residential projects, Ibrahim said.
