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Neom for Tourism Development, a subsidiary of Arab Developers Holding, launched the multi-use development project, the Newom Al Mostakbal on the Hope Axis.
The project is a commercial, administrative, and medical complex located on an area of 52,000 square metres, according to a bourse disclosure.
The company expected to achieve about EGP 13 billion in sales from the first phase, while the construction cost stands at EGP 3 billion.
During the first half (H1) of 2024, Arab Developers shifted to consolidated net losses valued at EGP 11.41 million, against net profits worth EGP 53.38 million in H1-23.
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