Special Coverage by Nayrouz Talaat…
The master developer of Mostakbal City, El Mostakbal for Urban Development and Al Ahly Sabbour, announce the launch of a new partnership agreement, according to which Al Ahly Sabbour will develop a mixed-use urban community in Mostakbal City, Invest-Gate reports.
The Chairman of the Board of Al Ahly Sabbour, Hussein Sabbour says, “As a master developer, El Mostakbal for Urban Development carries out contractual procedures, partnerships, coordination with different developers, in order to achieve the vision of creating integrated urban communities.”
“A master developer plays a vital part of a community’s growth, determining its appearance, the mix of its land usage, and its infrastructure, including roads, drainage systems, water, sewerage, and public utilities,” Sabbour states.
According to Sabbour, the most crucial element for the master developer is to have all diverse components of the project being integrated seamlessly to create a mixed-use, full-fledged community.
Meanwhile, Managing Director of Al Ahly Sabbour, Ahmed Sabbour tells Invest-Gate, “For us this agreement represents the first stepping stone, for Al Ahly Sabbour, towards implementing our new strategic direction.”
He explains, “This project represents the largest project that Al Ahly Sabbour has ever undertaken.” The project will be built on four phases over an area of 2.4 mn square meters (578 acres). The first phase will be launched in the first half of 2018.
Sabbour adds that their ability to fulfill this strategic vision has been made possible through the partnership with El Mostakbal, explaining that the partnership provides Al Ahly Sabbour “ with financial flexibility since the cost of land , which is a burden on any developer , has been removed thereby allowing us to focus on developing a larger area,”Sabbour says.
The projected revenues of the mega project will amount to approximately EGP 35 bn.
“We are very pleased with this new partnership agreement with Al Ahly Sabbour, one of the leading real estate developers in the local market,” announces Chairman and Managing Director of El Mostakbal for Urban Development Eng. Essam Nasif.
“As the master developer of Mostakbal City, we have a strong selection process in place for developers, based on a number of technical and financial criteria,” he continues.
“El Mostakbal provides developers with flexible methods in land allocation, including bidding or direct allocation or partnerships,” Nasif adds. The accumulated and unique expertise, vision and capabilities of Al Ahly Sabbour will ensure the successful implementation of El Mostakbal’s vision.
Already Al Ahly Sabbour have three gated communities in El Mostakbal City and this latest project represents the fourth. “Our partnership is based on trust and mutual benefit and the most successful partnership is one, which provides synergy,” says Eng. Ahmed Sabbour.
To Sabbour all those elements have ensured the fast tracked development of El Mostakbal City and have cemented the reputation of El Mostakbal as a trusted and reliable partner.
This mixed-use project will offer 15,000 job opportunities of different fields while simultaneously ensuring recurring revenues to be derived from the establishment of joint shareholding companies between Al Ahly and El Mostakbal, with the objective of providing service and entertainment facilities as per the contract.
Furthermore, El Mostakbal aims to cooperate with real estate developers in different sectors (residential- educational- health- commercial- retail- entertainment- hospitality- sports and club) to take part in the development of Mostakbal City.