Real Estate

ZED Sheikh Zayed, to be built in six phases, will boast 4,500 residential units.

ZED Sheikh Zayed, to be built in six phases, will boast 4,500 residential units.

Orascom Construction wins mega Egypt project

June 2020

Orascom Construction, a leading global engineering and construction contractor, has secured a major contract from Ora Developers, a designer and developer of luxury lifestyle destinations, to build the first phase of ZED Sheikh Zayed in Egypt.

A multi-purpose project, ZED Sheikh Zayed will be built in six phases and on completion it will boast over 4,500 residential units and an administrative commercial complex.

Ora Developers has already signed an agreement worth E£1 billion ($63 million) with Banque Misr for the financing of the initial phase of the project.

The Egyptian developer says the contract has been awarded to Orascom following the completion of the masterplan and architectural design work by WATG International.

As per the deal, Orascom Construction will be constructing around 600 housing units in Phase One. The scope of work also includes the construction of 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,” says Orascom Construction’s CEO Osama Bishai. “We have been pioneers in constructing distinguished commercial projects in Egypt and look forward to building on our longstanding track record in this sector.”

Ora International CEO Engineer Naguib Sawiris says: “We are committed to the delivery schedule of the project as we have started the construction work last August, just four months after the launch.” n

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