El Mostakbal for Urban Development, the owner and master developer of the Mostakbal City project in New Cairo, reveals its new contract with Al-Rabwa Developments and Al-Rabwa for Project Management Company, to develop an integrated project in the first phase in Mostakbal City, Invest-Gate reports.
Essam Nassef, chairman and managing director of El Mostakbal Urban Development, comments that this contract is a part of the company strategy to develop service projects, praising Al-Rabwa’s efforts in operating the international school complex in the first phase in the city.
For his part, Gaafar Hussein, chairman of Al-Rabwa Developments, reveals the integrated activities, which include commercial, administrative, hotel, entertainment activities, and a mosque, covering about 47 acres in the regional services area in the first phase of Mostakbal City.
He further adds that the project includes a 300-room hotel and 600 hotel apartments, adding that the company will acquire an international management company to manage them.
Moreover, the project features an administrative and medical complex as well as a commercial mall that includes international brands and restaurants, noting that the signing is underway with a specialized company to manage them.
This is in addition to the first project, which includes four international schools. The operation of the first two schools has begun this academic year, and work is underway in the remaining phases of the project. The project covers 5.17 acres. This brings the total service area to be developed by Al-Rabwa companies to about 65 acres, with total investments exceeding EGP10 bn.
It is worth mentioning that the Mostakbal City project is located in New Cairo, spanning over 11,000 acres and includes all specializations (residential – educational – medical – commercial – administrative – entertainment – hotel – banks – gas stations).
In this regard, El Mostakbal for Urban Development has contracted with major developers through the various phases of the project.
In the first phase, the contracts have been signed with:
- Al-Ahly Real Estate Development companies in the projects Green Square, L’Avenir and ARIA.
- ARDIC Developments in the Zizinia El Mostakbal project
- Wadi Degla Developments in the Neopolis project.
- The Arab Contractors.
The company also has signed educational projects contracts that include Al-Rabwa Company for Integrated Educational Services and Saint Fatima. This is in addition to a contract to establish two fuel stations with New Capital Petroleum Services.
In the third phase, the master developer has contracted with the following developers:
- Al-Ahly Sabbour Developments in the Odyssia City project.
- Grand Plaza Real Estate Investment and Tourism Company in the La Mirada El Mostakbal project.
- Maxim Investment Group in the Canyon project.
- Hassan Allam Properties and Tanweer Misr in the Bloomfields project and the educational complex (universities – international schools).
- Beta Egypt in the Beta Greens New Cairo project.
- The Housing and Development Company, a subsidiary of the Housing and Development Bank.
- Emirates Egypt company in the gas station project
- The New Cairo company in the fuel station.
In the fourth phase, the company has signed a contract with the Porto Group to develop the Golf Porto Cairo project and the Misr Italia to develop the “IL BOSCO CITY – MOSTAKBAL CITY NEW CAIRO” project.