Egyptian development group Safwat al-Qalioubi and United Arab Emirates (UAE) investment company KSH signed an agreement on worth approximately 24 billion Egyptian pounds (500 million USD) for the construction and development of a complex of residential and commercial buildings in the northern part of Egypt, the capital Cairo, the press service of the Egyptian company reported.
„The new joint real estate project will be implemented in the Tanash area, located on the banks of the Nile River in northern Cairo,”, the development group said. It is planned to build three skyscrapers and a five-star hotel on an area of 20,000 square meters. Construction of the new complex in Cairo is expected to be completed in four years.
On February 23, Egypt and the UAE signed an investment agreement worth USD 35 billion to build the Ras al-Hikmah resort on the Mediterranean coast. On the territory of the resort, it is planned to build hotels, entertainment areas and specialized business districts. An international airport is planned to be built in the south. According to the Egyptian government, the resort will attract at least 8 million tourists to the country.
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