The New Urban Communities Authority (NUCA) Board will issue within days a ministerial order to develop the iCity project with investments worth EGP 31.97 billion ($ 3.6 billion), in collaboration with the Saudi-Egyptian Alliance Mountain View-Sisban, Al Borsa reported.
The technical committees responsible for the private sector collaboration are reviewing, blueprints presented by Palm Hills Development Company, in New Cairo, and others presented by Mountain View-Sisban in 6th of October City.
The Mountain View-Sisban Alliance is currently awaiting the ministerial order to file for the needed permits, and commence the construction process, this year, Supervisor of Planning and Projects Unit at the NUCA, Ragaa Foad, told Al Borsa.
The NUCA had signed a collaboration agreement with Mountain View-Sisban to develop iCity project, in New Cairo, over 500 acres, with total expected revenues of EGP 35 billion, of which the authority’s share is 40%, which translated to EGP 14 billion.
The alliance will collaborate with the authority to develop another project, pending approval, in 6th of October City, over 470 acres with revenues worth of EGP 26 billion, 30% of which is the authority’s share, which is EGP 7.5 billion.
Another collaboration which is being looked into is with Palm Hills in New Cairo which is to spread over 500 acres, with EGP 35 billion in investments, 42% of which is the authority’s share.
Egypt Economic Development Conference had signed 6 memoranda of understanding to include urban and touristic projects in collaboration with Egyptian and foreign investors, as well as agreements of 4 projects in New Cairo and 6th of October City, with investments worth EGP 131 billion, where the authority’s share ranges from 30-42% and to be completed over 10 years.