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Tuesday, 11 October 2016

Tatweer Misr investing EGP 1.5 bn into Il Monte Galala, Fouka Bay in 2017

Real estate developer Tatweer Misr is investing EGP 1.5 bn in 2017 into its projects Il Monte Galala in Ain Al Sokhna and Fouka Bay in Ras Al Hekma, Managing Director Ahmed Shalaby told Amwal Al Ghad. The investment is split between EGP 1 bn going towards Il Monte Galala and EGP 500 mn into Fouka Bay, he explained. The company is bolstering its construction rates to reduce the risk of rising prices, said Shalaby. Tatweer Misr has completed 25% of the first phase in both developments, and has issued 1,200 housing units to contractors, he added. The company is currently evaluating the contractor bids and is expecting construction on the units to begin in December 2016.

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