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Signing a contract to allocate a plot of land in Al-Andalus Gardens in New Cairo to establish an integrated urban activity with a total investment exceeding 60 billion pounds.
Dr. Mostafa Madbouly, Prime Minister, witnessed, at the government headquarters in the New Administrative Capital, the signing of a contract between the New Urban Communities Authority and UDC Real Estate Development Company, one of the companies affiliated with the UAE’s Mohammed Omar Bin Haider Holding Group. To allocate a plot of land in the Andalus Gardens area in New Cairo to establish an integrated urban activity, in the presence of Dr. Assem Al-Gazzar, Minister of Housing, Utilities and Urban Communities.
On the sidelines of the signing, the Minister of Housing, Utilities and Urban Communities explained that, according to the contract, a plot of land with an area of 665,505.63 square meters, or about 157 acres, on the Central Ring Road on Southern 90th Street in the Andalus Gardens area next to the Hope Triangle in New Cairo, will be allocated to UDC. “For Real Estate Development, one of the subsidiaries of the UAE’s Mohammed Omar Bin Haider Holding Group; With the aim of establishing an integrated urban activity (residential, administrative, entertainment, commercial, hotel) under the name The Crest, in cooperation with Alcazar Company, it will be implemented at the highest level, comparable to the company’s work around the world, and it will be marketed locally and internationally, with the project implementation period being 8 months. Years starting from the date of issuance of the planning and zoning approval decision.
Mr. Mohamed Zahid Al-Batrani, CEO of UDC Real Estate Development Company, also indicated that it was agreed to pay the value of the land in foreign currency, with a total investment of more than 60 billion pounds, explaining that this project will contribute to attracting many companies to work in Egypt, Which saves foreign currency, as well as opening other horizons for young people by providing diverse job opportunities by benefiting from the expertise of the biggest names in the field of real estate development in Egypt.
The CEO of UDC Real Estate Development Company confirmed the company’s commitment to presenting the general plan of the project and the timetable for implementing the project within a period of time not exceeding six months from the date of the contract, pointing out that the project represents the first nucleus of the Mohammed Omar Bin Haider Group’s investments in Egypt, explaining that The company is looking forward to opening horizons for joint cooperation in other projects, in light of the support, facilities and flexibility provided by the government in procedures to build modern Egypt, as well as the favorable environment to attract investment in Egypt.
Source: Council of Ministers
