Amer Group temporarily suspended the development of Porto Heliopolis project developed by its subsidiary Delmar for Tourism Development after the competent authority ordered conducting a study on the project’s possible impact on the traffic in the region.
Mahmoud Al-Ghitany, director of investor relations at Amer Group, said the company has already obtained the building license of Porto Heliopolis project and started to prepare the land for implementation.
Amer Group has submitted the requested traffic study on the project to the competent authority, and is awaiting for its review to complete the project which is expected to be delivered within five years.
In a Monday statement, Amer Group stressed the efficiency of its project in terms of traffic and development of entrances to Heliopolis.
The group announced in August that it was preparing to launch the project at an investment cost of EGP 3bn.
The company achieved a profit of EGP 25.42m during the first six months of 2019, compared to EGP 55m in the comparative period of 2018.
The company’s revenues declined to EGP 691.7m during the first six months of 2019, compared to EGP 802m in the same period in 2018.