Vernbro Global Investment, a US-based real estate developer, launched on Monday the Downtown Delta project in Tanta with a total investment value of EGP 6bn.
The mixed-use project features the largest and first-of-its-kind commercial, logistics, and retail hub outside Cairo and Alexandria, with a total area of 340,000 sqm.
Vernbro Global Investment was awarded the project after it won the bid by the Internal Trade Development Authority.
The project is expected to create direct and indirect job opportunities exceeding 50,000 jobs.
“The ambitious project aims to support economic growth in the area while improving the standard of living for Delta citizens,” the company said in a presser.
Downtown Delta’s components include Mall of Tanta, developed by Marakez for Real Estate Investment.
The project will satisfy many needs of the 42 million inhabitants living in the Delta region.
“It will also create thousands of job opportunities for local residents, while helping control prices and elevate quality standards of supplied commodities, relying on the huge logistics area and central markets that will be operated according to the highest global standards,” the company added.
The Downtown Delta project is expected to open by 2020.