Orascom "on pace" at ZED Sheikh Zayed Phase 1 by Ora Developers
Architectural firm Wimberly Allison Tong & Goo (WATG) International has prepared the master plan, architectural design for the project
Egyptian Stock Exchange- and Nasdaq Dubai-listed construction heavyweight, Orascom Construction has inked a deal with Ora Developers to build Phase 1 of ZED Sheikh Zayed in Egypt.
At the same time, Ora Developers also signed an agreement worth $63.6m with Banque Misr for the project.
Architectural design firm Wimberly Allison Tong & Goo (WATG) International has prepared the master plan and architectural design for the project.
Chairman of Ora Developers and CEO of Ora International, Eng Naguib Sawiris, said that the company is “committed to the delivery schedule of the project”, and that construction work commenced in August 2019, four months after the launch.
He added: “We managed to commence drilling and deep foundations and we will ensure that construction continues with the same pace, as we are committed to the delivery dates we promised the customers with.”
For Osama Bishai, CEO of Orascom Construction, the collaboration with Ora Developers is another "commercial project" that the company will be building in Egypt.
Meanwhile, CEO of Ora Developers, Haitham Abdel Azeem, said: “Since the beginning of this project, we sought collaboration with leading contractors and designers.
Haitham said that the company is maintaining “the pace of construction of the project,” as it looks to finalise the project “as planned within 35 months” and begin with the delivery timeline of Phase 1 by 2023.
A mixed-use project, ZED Sheikh Zayed comprises six phases with over 4,500 fully-finished residential units and an administrative commercial complex.
Phase 1 includes around 600 housing units. The scope of work for the first phase also includes the construction of a three-story garage, a two-level mall, and four 17-story apartment towers.