An Egyptian developer has said it is planning to launch a new project in the second quarter of 2022 involving management, commercial and medical facilities in the Arab country’s new Administrative Capital. 

The Cairo-based “Skyway Development” company said “Bayadega Project” comprises a set of buildings which also include the first “Elevated Food Court” and total costs are estimated at 700 million Egyptian pounds ($40 million). 

“We have decided to start construction in the second quarter of this year…we  intend to hasten the execution of the project to honor our obligations to clients,” the Company’s Chairman Hosni Al-Saeedi said,  quoted by Alwafd and other Egyptian newspaper. 

He said the firm would try to avoid any delay in the implementation of the project to avert a surge in costs due to the global increase in building material prices. 

Saeedi did not mention the completion date but said the project design contract has already been awarded to the Egyptian consultancy company MTA Architects. 

(1 US Dollar = 18.30 Egyptian Pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)