EGP float runs up costs of New Heliopolis development

The EGP float has raised the costs of developing the 655-acre New Heliopolis project 20% to EGP 35 bn, up from an initial estimate of EGP 30 bn before November, said Hany Al Deeb, CEO of Heliopolis Housing and Development company (HHD), which is co-developing the project with SODIC. Al Deeb tells Daily News Egypt that the float had negatively impacted the company overall, with surging prices of raw materials such as steel and cement. HHD holds a 30% stake in the New Heliopolis development, with SODIC carrying a 70% stake.