Yemeni-Gulf company New Event Developments launched its Trave Business Complex Project in the New Administrative Capital (NAC) this week at an investment cost of EGP 3bn.

New Event Developments Chairperson Hamid Alragwy said that Trave will be located in the NAC’s Downtown area on 4,900 sqm and will comprise 320 offices and 100 stores.

He added that the company’s current investment portfolio includes various projects at the NAC, namely H Mall and Trave.

Alragwy further noted that the real estate market in Egypt witnessed an unprecedented renaissance, especially with the state’s efforts to develop this vital sector in which more than 100 other industries are involved, which contributed to a remarkable recovery in light of the current global crises.

He also pointed out that the company plans to begin construction on the project in two months and aims to deliver it within 30 months.

Additionally, the chairperson explained that the company was keen on investing in the NAC because it is an icon of real estate in the Arab world and is a global project on Egyptian land.

He went on to say: “We choose the best sites that represent the company. Additionally, the company’s investments in the NAC reached approximately EGP 8bn, and there is a plan to double it by the end of this year.”

He added that Archrete is the architectural consultant for H Mall and Trave.

For his part, Omar Al-Marakby — Head of Sales at New Event Developments — said that the Trave project will span an estimated 20,000 sqm, and the building will consist of a ground floor and 12 storeys, including three for shops and nine for administrative offices.

New Event Developments started its investments in west Cairo by developing a group of residential towers with a total area of 400,000 sqm.

The company has also developed many projects in the Gulf, namely Saudi Arabia, the UAE, and Yemen, varying between commercial and residential properties with a total area of up to 700,000 sqm.