Ora Developers Signs Agreement with Rowad and Redcon for the construction of ZED El Sheikh Zayed’s Phase 01B

Ora Developers announced today that it has signed two construction agreements with leading contractors Redcon Construction and Rowad Modern Engineering for the construction of Phase 01B ZED El Sheikh Zayed. Additionally, Ora Developers has also announced that it has signed a deal with the British project management company - Mace to take the lead in managing all aspects of the project until its completion.

The agreement was concluded during a signing ceremony at Ora Developers Head Office in the presence of Eng. Naguib Sawiris, Mr. Haitham Abdel Azim, Eng. Amr Abel Moneim, and Eng. Amr Samra from Ora Developers together with Eng. Tarek Elgamal CEO of Redcon and Eng. Mahamed Mahlab CEO of Rowad.

Phase 01B of ZED El Sheikh Zayed comprises 12 fully finished residential buildings with an underground parking facility. Construction work is expected to begin in the mid of September this year and the project is scheduled for completion within 25 months.

Naguib Sawiris, Global CEO and Chairman of Ora Developers stated: “Ora Developers’ goal has always been to provide the best-in-class solutions and ensure outstanding results and quality. That being said, signing with Redcon Construction and Rowad Modern Engineering, two of Egypt’s leading contractors who are known for their exceptional performance, confirms our commitment to constantly strive at delivering exceptional quality in our projects.”

Tarek Elgamal, CEO of Redcon Construction commented: “We are looking forward to working hand-in-hand with Ora Developers and delivering the best outcome. Working with such an inspiring leader in the Egyptian business community such as Eng. Naguib Sawiris is an honor, and we are excited to see the development come to life.”

Mohamed Mahlab, CEO of Rowad Modern Engineering said: “We are delighted to finally be working with Ora Developers; known for its beautiful designs, ZED El Sheikh Zayed is no exception. It’s a one-of-a-kind project and we are proud to be a part of it.”

In May of this year, Ora Developers signed EGP 1 billion loan agreement with Banque Misr to finance the construction of Phase 01 of ZED El Sheikh Zayed with Orascom Construction. ZED El Sheikh Zayed’s project is a mixed-use development comprises six phases with more than 4,500 fully finished residential units, as well as an administrative building.