El Mostakbal for Urban Development, the owner and master developer of the Mostakbal City project, signs a Memorandum of Understanding with Rekaz Developments, regarding cooperation on the development of a plot of land “AMI-2” with an area of ​​about 30 acres in phase I of Mostakbal City on the eastern side of the BOULEVARD district, Invest-Gate reports.

The deal comes within establishing a mixed-use project (commercial/administrative/hotel housing), within the marketing plans set by the company, to use the rest of the available lands in the city and attract new investments.

Essam Nassef, chairman and managing director of El Mostakbal Urban Development, says: “this contract comes within the framework of the company’s desire to develop service spaces for phase I of the project during this period, in line with the plans set for the city, and to attract developers to develop the remaining service areas.”

Moreover, this aims to increase the occupancy rates in the projects based on the contract signed with Coldwell Banker Commercial Advantage, to promote the “BOULEVARD” area, as the importance of the project is to revive the first phase of commercial and administrative service activities, especially that occupancy rates are expected to increase starting from 2023.

On the other hand, Tamer Bakeer, CEO of Rekaz, indicates that cooperation with El Mostakbal for Urban Development reflects the confidence in “Rekaz” and its ability to complete a series of distinctive projects implemented by El Mostakbal for Urban Development. Emphasizing that “Mostakbal City” is one of the distinguished cities and the focal point of all international brands.

Rekaz has a detailed plan to implement a unique project that complements the company’s series of successes, as well as achieves an architectural mark within “Mostakbal City” project and in East Cairo.