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The 25-storey hospitality tower will be delivered in 2028 Egyptian private developer Nakheel has launched the hospitality portion of its Double Two Tower project in the New Administrative Capital (NAC), the companys chairman said. Emad El Tabakh told Zawya Projects that the hospitality portion will comprise 350 keys and will be managed by Time Hotels. Other components of the project, which is located in NAC’s CBD over an area of 9,000 square metres (sqm), include the 24-storey Capital Business Tower containing offices and the Capital Walk featuring three strip malls. El Tabakh said the 25-storey Times Residence Tower, as the newly launched phase will be known, will be delivered in 2028. The companys CEO Maged El Tabakh said they are self-funding Double Two Tower, adding that including Trio V, the total investment value of their NAC projects stands at 7 billion Egyptian pounds ($139 million). Trio V, spread over an area of 7,000 sqm, is scheduled to be delivered in 2027, he said. The Nakheel CEO said they are targeting to achieve a real estate portfolio of about EGP25 billion ($497 million) in the next five years. For Double Two Tower, Nakheel has mandated Meamar Masr Group for engineering consultancy services, ACE Moharram-Bakhoum for design review and construction supervision services and EFS for facility management services. For Trio V, the developer is collaborating with Archrete Engineering Consultancy for design, ACE Moharram-Bakhoum for design review and construction supervision, and MRB for facility management. (1 US Dollar = 50.26 Egyptian pounds) |
