An alliance between ASGC Construction, Saudi Egyptian Developers, and Hassan Allam Holding has announced plans to develop a project in downtown Cairo and build a hotel shopping mall, office building, and residential units. The initiative aims to revitalize the land formerly occupied by the dissolved National Democratic Party (NDP) and inject new life into the heart of the city. An anonymous source reported that the agreement has been finalized with the contracts pending. They also stated that the Sovereign Fund of Egypt TSFE spearheads this ambitious endeavor with a total investment of approximately USD 5 billion (EGP 246.7 billion). The project is meant to cover the expansive 16,500 square meters of land with a vibrant hub for startups and innovation. The Egyptian government granted Nilus, a prominent player in Egypt’s real estate sector, the Golden License on 6 March to establish, operate, and manage the project in coordination with the General Authority for Investment and Free Zones (GAFI). Nilus Housing and Hotel Services is going to build a towering 75-story structure, encompassing hotel, commercial, and administrative functions. Meanwhile, Nilus Residential Services will undertake the construction of a residential tower comprising…
Egypt and Saudi Arabia Cooperate to Build a Vibrant Hub in Downtown Cairo
March 10, 2024
