Al Ahly Sabbour Development signs a development agreement with the Emirati Reportage Properties to develop a distinct real estate project in Mostakbal city, Invest-Gate reports.
The project spans an area of 465,000 sqm with expected sales estimated at EGP 12 bn, according to a company press release on April 6.
The Montenapolene project is inspired by Milan. The project enjoys a prime location in Mostakbal City, New Cairo. It includes 5500 residential units, commercial, and administrative units. It also provides fully finished townhouses and apartments with distinct areas starting from one to four rooms with the highest levels of luxury finishing, according to a company press release on April 7.
“The agreement comes within the framework of Al-Ahly Sabbour’s continuous efforts to support the state’s comprehensive urban development plan and attract more foreign investments to the country,” CEO Ahmed Sabbour comments on the agreement. “We have a huge responsibility to support the state in its ambitious plan to enhance Egypt’s position and support its economy,” he adds.
On his part, Aref Khoury, President of Reportage Company, expresses his happiness with the signing of this agreement, saying, “It is a pleasure to be with you today. Egypt’s new urban development plan is indeed a cause of pride not only for Egypt but for the Arab world as a whole.”
“Reportage has an ambitious plan for growth and expansion of its business outside the United Arab Emirates, and the agreement that we are witnessing today with Al-Ahly Sabour Company is an important step in achieving this plan. We are happy to cooperate with Al-Ahly Sabour with its great experience in the real estate sector. This will enable us to develop high-quality real estate projects that provide a new dimension to customers and keep pace with the construction boom that Egypt witnesses,” he concludes.