Egypt’s state-run construction firm Arab Contractors (AC) is looking to implement two investment projects in Maadi and New Cairo before the end of this year, its chairman Mohsen Salah said on Tuesday.
Arab Contractors Investment (ACI), the investment arm of Arab Contractors Group, has been mandated to implement the two projects, Salah told Amwal Al Ghad.
As for the first project, Salah said ACI will start soon the construction works on Maadi Residential Towers at a cost expected to nearly reach 1.5 billion Egyptian pounds ($84 million).
“The 26-storey giant investment project (Maadi Residential Towers) will include a commercial mall of three floors, a multi-storey garage,” he said, adding that the project is likely to be carried out within a three-year timeframe.
As for the second project, Salah said the investment firm is set to develop a land plot of 101 feddans in Mostakbal City in New Cairo. The land will encompass the establishment of a fully-fledged medical or educational city along with a residential project.
