Orascom Construction has been appointed by Ora Developers to build the first phase of the ZED Sheikh Zayed megaproject in Egypt. The mixed-use project will be built in six phases and, once complete, will feature over 4,500 residential units and an administrative commercial complex.
According to a statement, Ora Developers has signed an agreement worth $63m with Banque Misr to finance the initial phase of the project. The developer said the contract was awarded to Orascom following the completion of the masterplan and architectural design work by WATG International.
As per the terms of the contract, Orascom Construction will build around 600 housing units in Phase One, along with a three-storey garage, a two-level mall and four 17-storey apartment towers.
“We are pleased to collaborate with Ora Developers on their new flagship project. We have been pioneers in constructing distinguished commercial projects in Egypt and look forward to building on our longstanding track record in this sector,” said Orascom Construction’s CEO Osama Bishai.
Ora International CEO Engineer Naguib Sawiris stated, “We are committed to the delivery schedule of the project, as we have started construction work last August, just four months after the launch. We managed to commence with excavation and deep foundations and will ensure that construction continues with the same pace, as we are committed to the delivery dates we promised the customers with.”
Since the launch of the project, Ora Developers has sought collaboration with leading contractors and designers to ensure an exclusive experience for its customers with the signature of Ora, CEO Haitham Abdel Azeem explained.
“We are proud of maintaining the pace of construction of the project and we look forward to finalising the project as planned within 35 months, to start the delivery of the first phase by 2023,” Azeem concluded.