Saudi-Egyptian developer, Al Tameer Arabian is to launch Rivan Towers, its third project in New Administrative Capital (NAC) at an investment cost of EGP 1 bn investments, Invest-Gate reports.
“The company acquired a plot of land with a selling area of 8.6,000 sqm in downtown New Administrative Capital to launch its third project after Rivan residential and tourist projects and Rivan Square commercial,” Ahmed Osama, head of the commercial sector at Al Tameer Arabian Developments, says.
Osama further explains that the investments of the new “Rivan Tower” project estimated at EGP 1bn. The project includes commercial, administrative units, and first-time hotel apartments.
The head of the commercial sector adds that the company contracted the DMA Engineering Consulting Office, an international leading engineering expertise houses, to lay down the engineering designs and supervise the implementation of the project, aiming to provide a unique real estate product that matches the market requirements and is compatible with the purchasing power of those interested in investment and housing.
Moreover, Osama highlights, “Al Tameer Arabian” aims to achieve EGP 500 mn contractual sales revenues with its latest projects, “Rivan Towers”, by the current year within the company’s marketing plan, besides starting construction work and implementation during the third quarter of the current year.
Furthermore, Osama points out that the expansion plans of Al Tameer Arabian, the Saudi investment with joint Egyptian experience in new projects in NAC, reflects the company’s confidence in the investment climate that the Egyptian government provides to investors and contributes to attracting foreign investments to be pumped into national projects that stimulate foreign investors to search for new opportunities in The Egyptian Market.
Al Tameer Arabian has set an expansion plan in the Egyptian market, especially in the projects that the state develops to be a participant in the development work and to pump huge investments within two years, so that the company’s investments in the NAC rises to EGP 5 bn, besides other expansion plans that the company is targeting in North Coast.
Osama praises the role of the New Administrative Capital Company (NAC) for the way of dealing with developers during the Covid19 crisis, by easing the burdens, and preparing the environment for companies to work in light of those exceptional situations caused by the pandemic, which enabled the leading real estate developments companies in the construction and development field to work during that period and complete their projects.