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Egypt and Saudi Arabia Cooperate to Build a Vibrant Hub in Downtown Cairo

March 10, 2024
Burnt National Democratic Party Building. Photo credit: Zoonar GmbH/Alamy Stock Photo

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 446 housing units spanning 50 stories.

According to Economy Plus, the Egyptian Subsidiary Fund for Tourism, Real Estate Investment, and Antiquities Development transferred land ownership to the benefit of the two companies last August, with a 14.37 percent share for Nilus Hotel and Commercial Services and an 85.63 percent share for Nilus Residential Services.

The construction group, ASGC Group, founded in 1989 in the UAE, will bring a wealth of expertise to the project, as it has experience in contracting solutions across diverse sectors such as residential, commercial, healthcare, and hospitality.

The development will unfold in three distinct phases and is expected to be completed by the end of the second quarter of 2028, and the companies are obliged to execute the project according to the set timeline.

The project aims to draw in global students, youthful travelers, and venture capitalists, leveraging the advantageous location and substantial size of the complex.

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