Ora Developers announced on Tuesday that it has signed a contract with Orascom Construction to implement the ZED Sheikh Zayed project’s first phase. The signing ceremony took place in the presence of Ora Chairperson Naguib Sawiris and Orascom CEO Osama Beshay.
The company has also signed a loan agreement worth EGP 1bn with Banque Misr to finance the project’s development.
Sawiris said that the master plan and architectural design were developed by WATG International to provide customers with international quality, and ensure delivery on time.
He added that construction began in August 2019, only four months after sales were launched, and work has been going well since then.
Beshay expressed his happiness in cooperating with Ora Developers for their new distinguished project. He added that “this project confirms our leadership in creating distinguished commercial projects in Egypt, and will be added to our track record”.
“Since the beginning of the ZED project, we have always been keen on cooperating with first-class designers and contractors to provide an exclusive experience to our customers,” said Haitham Abdel Azim, CEO of Ora Developers in Egypt.
He noted that construction is scheduled to be completed in just under three years, to start delivery of first phase units by 2023.
The multi-purpose project consists of six phases with over 4,500 fully finished residential units, as well as an administrative and commercial complex.
The first stage was assigned to Orascom Construction, which will build about 600 housing units. The agreement includes the construction of a three-story roof garage, a two-level mall and four residential towers consisting of 17 floors.