Egypt: Mazaya Developments Unveils Fourth Project in New Capital with $104 Million Investment‍

In Egypt, Mazaya Developments, a prominent real estate developer, unveils its fourth project in the New Capital, marking a significant investment of $104 million. The launch signifies Mazaya's continued commitment to contributing to the development and expansion of the New Capital, a strategic urban development project located near Cairo. The investment underscores Mazaya's confidence in the growth potential of the New Capital and its dedication to delivering high-quality residential or commercial properties. This announcement reflects Mazaya's ongoing efforts to innovate and meet the evolving needs of Egypt's real estate market while fostering economic growth and prosperity in the region.

The latest project features a conservative built-up area, utilizing just 30% of the overall land, with buildings extending 106 square meters in width.

In Egypt, Mazaya Developments has revealed its fourth endeavor in the MU23 sector of the New Administrative Capital (NAC), representing an investment milestone of EGP 5 billion.

Mohamed Allam, Chairperson of Mazaya Developments, emphasized the advantageous positioning of MU23, citing its early development and proximity to crucial transportation nodes such as the monorail, electric train, and central bus stations, as well as direct access from Suez Road.

The new project features a conservative built-up area, utilizing just 30% of the total land, with buildings spanning 106 square meters in width.

Mohamed Mostafa, CEO of Mazaya Developments, elaborated on the mixed-use nature of the structure, incorporating commercial, administrative, and medical facilities. The building comprises a ground floor, nine upper levels, and three basement levels. Retail spaces occupy the initial two floors, while offices are distributed from the third to ninth floors. Moreover, a dedicated medical facility, managed by a specialized firm, is part of the complex.

Mostafa further revealed that the project encompasses various amenities, including office spaces, retail stores, medical facilities, a food court offering diverse dining options, a pharmacy, and an innovative outdoor booth area.

Partnerships for design and management have been established with Archrete for architectural services and Brain 2 Fact for overseeing commercial and administrative sectors. Additionally, Tashawer is collaborating to manage medical facilities.

Building upon the success of its previous projects in NAC—The Rook, Gemini Blue, and Gemini Red—Mazaya Developments has invested a total of EGP 8 billion in the downtown district.

With a focus on construction, Mostafa announced plans to allocate EGP 500 million towards development efforts. The company also aims to achieve EGP 1 billion in sales this year and is preparing to launch its fifth project by the end of 2024.

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Source: zawya‍