The company has assigned four real estate contractors to handle 40% of the project’s development, according to the company’s Chairman Darwish Hassanein.
Construction began three months ago on one of the lands acquired through a capital increase that was covered in equal parts by the Saudi and Egyptian governments, at a value of $243 mn. Saudi Arabia allocated $121.5 mn for the project, while the Egyptian government contributed its share through an in-kind payment of three land plots totalling 97 acres, according to Al Bawaba News.
The development will target the upper middle class and will contain 120 residential buildings with a total of 1,897 units, with floorplans ranging from 140 to 190 square meters.
Other projects will also be implemented in partnership between the Saudi and Egyptian government, including a touristic resort on 17 acres in New Damietta that will include residential units and a four-star hotel that managed by Hilton.