WNAM REPORT: KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo, report informs via Arabian Gulf Business Insight.
The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news agency reported.
The project will cover an area of 20,000 sq m. A construction timeline was not given.
KSH Investment is an affiliate of the Private Department of Sheikh Mohamed bin Khalid Al Nahyan, a company owned by Abu Dhabi’s ruling family members, the report said.
Egypt in February signed a deal with the UAE’s ADQ to build the “largest new city” in Egypt to promote tourism and drive economic growth.
Negotiations for a similar deal with Saudi Arabia to develop Ras Gamila, an undeveloped coastal area near the resort of Sharm el-Sheikh, are still in the early stages.
Cairo-based Talaat Moustafa Group announced this month plans to invest $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe.
