Arab Finance: Ora Developers, owned by Egyptian billionaire Naguib Sawiris, is seeking a loan worth EGP 9 billion to finance the construction of 9,000 housing units in the Zed East project, Haitham Abdel Azim, Managing Board Member of Ora Developers, told Asharq Business.

The investment cost of this project totals EGP 170 billion, Abdel Azim added, noting that the firm has already obtained the necessary approvals to build three towers with a height of 100 meters.

Moreover, he expected that the procedures of receiving the loan, arranged by the Commercial International Bank (CIB), to be completed in the first quarter (Q1) of 2024.

Sawiris revealed before that Ora Developers is expected to launch two projects in 2024; located in East Cairo on a 175-feddan land plot and in the North Coast on a 128-feddan land.

Established in 2018, Ora Developers develops a number of residential, commercial, sports, and hotel projects in East and West Cairo.

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