Sawiris develops 400-feddan urban project in New Cairo

Shaimaa Al-Aees
2 Min Read
Egyptian billionaire Naguib Sawiris, poses for a photograph following an interview in London, U.K., on Thursday, May 24, 2012. Sawiris said he??d be willing to sell his Telekom Austria AG stake to Carlos Slim??s America Movil SAB if the Austrian government is uncooperative. Photographer: Simon Dawson/Bloomberg via Getty Images

Egyptian Businessman Naguib Sawiris, Global CEO and Chairman of Ora Developers, has said the company acquired a 400-feddan plot of land in Fifth Settlement, New Cairo, to develop an integrated residential project.

Sawiris has told Daily News Egypt that the company does not plan to expand in Sheikh Zayed, Giza, adding that the company is focusing on developing the ZED project in Sheikh Zayed, and that “We are proud of what we have done in the project, and it will include various housing categories.”

He said that he did not intend to invest in the New Administrative Capital in the current period.

On the sidelines of the ZED’s Winter Wonderland Park opening on Thursday, he commented, “We always have the ambition to establish Hyde Park in Egypt similar to the one in London, and it is the largest park located in a residential community.”

Throughout the year, the entertainment platform ZED Park will be bringing Egypt a calendar of activities and events all taking place at ZED Park, he elaborated.

Sawiris further noted, “Ora Developers has a proven track record of creating beautiful environments that balance exceptional thinking with enduringly sensitive design in several markets such as London, Cyprus, Grenada, Pakistan, and Egypt.”

ZED project is located on an area of ​​165 feddans, comprising 700,000 square-metres (sqm) representing residential activities, a 40,000 sqm administrative part, and 70,000 sqm for commercial units.

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