City Edge to launch specialized arms for development projects

City Edge to launch specialized arms for development projects: City Edge is looking to set up several subsidiaries focused on the group’s separate development activities like hotel construction and management within the coming three years, City Edge chairman Ashraf Salman said during a conference, according to Hapi Journal. The New Urban Communities Authority (NUCA) and Housing and Development Bank-owned real estate developer will invest additional EGP 400 mn in 4Q2020 to reach the company’s EGP 850 mn target by the end of the year — a figure that the company is planning to at least triple next year with EGP 3 bn earmarked for 2021.