The Administrative Capital Development Company estimated the cost of the service projects being executed by the Saudi Arabian Al Hokair Group to be EGP 500 mn, on 50 acres of land in the New Administrative Capital, Al Borsa reported.
The Saudi company has acquired 100 acres of land in the new capital through the usufruct system, which the Ministry of Housing, Utilities, and Urban Communities earmarked for potential use to build a new Mall of Arabia in the Administrative Capital.
Al Hokair’s developments in the administrative capital will also include a facilities area, a museum and a mosque among other facilities. The Board of Directors of the Administrative Capital Development Company said between 3,000 and 3,500 acres are due to be offered for investment.
The total return on investment from the lands within the first phase of the capital is projected to amount to EGP 30 billion for 14 mn square meters.