Cairo – Mubasher: 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.