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FINANCIAL NEWS
Egyptian top real-estate developer to spend USD382m
22 Sep 2015
(MENAFN) Abu Soma Development Company, the Egyptian private owned firm is aiming to develop 8m meters of its land bank in the next 10 years, with a cost of nearly USD382 million in the first phase of the expansion procedure.
The company fully owns 10m meters of flat land, an integrated development land that was attained from the Tourism Development Authority (TDA), plus it currently owns five hotels, let alone real estate units and a golf field.
The well reputed developer is also planning to further develop a marina, a residential area and a commercial area expected to cover1m meters, which will thereby represent the first phase of the firm’s master plan.
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