Two Egyptian state-run affiliates plan to invest more than 600 million Egyptian pounds ($37.1 million) in the real estate investment activity by early 2021, according to sources. Affiliated to the Holding Co. for Construction and Development (HCCD), the two firms are named General Egyptian Co. for Buildings as well as El Nasr Housing and Development, the official sources further told Amwal Al Ghad on Sunday. The 600 million pounds will be directed to execute a housing project in Nasr City district, Cairo, besides a hotel flagship in Muharram Bek Square, Alexandria, they added. General Egyptian Co. for Buildings targets investments worth 1 billion pounds from developing the housing project in Nasr City district on a space of more than 11,000 square metres, the sources said. El Nasr Housing and Development targets 3.5 billion pounds from developing two hotel towers in Muharram Bek Square as well as other four administrative, medical, and commercial towers there, the sources concluded.
