Saudi Dar Al-Ma’ali for Development and Real Estate Management has allocated E£1.5 billion ($196.5 million) for the development of a key residential project in Cairo, Egypt, said a report.

The Square 2 New Cairo project is being built over 336,000 sq m area for the first phase in El Mostakbal City, targeting the launch of new 2000 above-average housing units, reported amwalalghad, citing the developer Al Ahly Real Estate.

Dar Al-Ma’ali is a prime partner in carrying out multiple housing and services projects inside new cities in Egypt.

The Saudi company’s contributions include taking part in the implementation of Square I – whose housing units were fully sold by end of 2014 - and Platinum Club projects, stated Hussein Sabour, chairman of Al Ahly Real Estate.