Qatari Diar Real Estate Investment Company announces the start of implementation of the first phase of the CityGate project in New Cairo at a value of EGP 1 bn, Invest-Gate reports.

CityGate spans over 8.5 mn sqm, and will feature 24,500 residential units; villas and apartments of various sizes, which will overlook an 18-hole golf course, green spaces, and parks.

It will also provide various luxury amenities including community centers in all neighborhoods, schools, international hotels, a sports club, a 720,000 sqm business park, a medical complex and 300,000 sqm of entertainment and retail space.

Abbas says that Qatari Diar is in the process of announcing its development and investment plans and strategic partnerships on all of the land lots it owns in Egypt before the end of the year, noting, that the company’s investments in the Egyptian market have exceeded USD 3bn, distributed over a number of projects that cover an area of 40mn sqm.

He adds that CityGate project represents one of the great additions to the company’s investments in Egypt, as its value will reach about USD 12bn, in addition to the rest of the development plans.

Bawabat Al-Sharq New Cairo Real Estate Investment, one of the Qatari Diar companies in Egypt, and the Consolidated Contractors Company (CCC) signed an agreement to implement the first phase of the project. The announcement took place in the presence of Ambassador of the State of Qatar to Egypt Salem Mubarak al-Shafi, Egypt’s Deputy Minister of Housing for National Projects Eng. Khaled Abbas, CEO of Qatari Diar Eng Abdullah bin Hamad al-Attiyah, director of Development and Projects Department for Egypt, Sudan and Eritrea at Qatari Diar Sheikh Hamad bin Talal al-Thani, and a number of dignitaries.