Friday 5 June 2020

Orascom to start work on $198m flagship Egypt project

CAIRO, August 24, 2019

Orascom Development, a leading developer of fully integrated destinations, including hotels, residential units and leisure facilities, said it is all set to start work on its E£3.3 billion ($198 million) flagship Egyptian project ‘O West’ in October.
O West is Orascom Development’s latest addition to its integrated towns portfolio. Situated in West Cairo, the development will come up over a 4.2 million sq m area with direct access to major highways and roads. 
The delivery of the project’s units is set to begin in four years following the start of the construction, said the Egyptian group in a statement.
Orascom revealed that both the first and second phases of the project were sold completely, while the third phase is scheduled to be launched in September.
Once completed, O West is set to become Orascom Development’s flagship project in the capital, featuring its coveted signature lifestyle. Home to residences, leisure & entertainment, education, health-care and business, it stated.
In March, the Egypt-based developer launched its first flagship project in 6th of October city, 'O West', which includes 950 residential units.
Orascom had posted a 113% year-on-year profit hike during the first half of 2019, recording E£393.7 million, it added.-TradeArabia News Service 


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