Egypt’s Administrative Capital for Urban Development (ACUD) and Alliance World Wide Consortium (AWWC) have inked a Memorandum of Understanding (MoU) to develop a fully foreign-funded investment project in the New Administrative Capital (NAC), Invest-Gate reports.

Dubbed the “Diamond City,” the new 2.5 mn-square-meter development will encompass planned investment areas exceeding 4 mn square meters, coming with EGP 100 bn worth of investments over seven years, according to the company’s statement on June 30, stressing that AWWC’s foreign partners will put no financial burdens on the Egyptian state.

AWWC is considered one of the largest European alliances, consisting of 62 leading international companies that operate in various fields worldwide. In Egypt, it is represented by Smart Construction Company (SCC) for implementing the investment project, attempting to create a world-class social, business, and cultural complex.

Nestled in the vicinity of NAC’s Diplomatic and Downtown Districts, and directly overlooking the Green River, Diamond City comes in line with the government’s efforts to attract further non-Egyptian investors and create sustainable job opportunities, the new capital’s master developer explained.

ACUD Chairman Ahmed Zaki Abdeen signed the agreement with Chairman of SCC Mohamed Mahmoud Brahmi, in the presence of Vice President of Sabbour Consulting Omar Sabbour and Chairman of Boueri Engineering Planning and Consulting Offices (BEPCO) Gebran Youssef Boueri, the statement noted.