Inertia Egypt announces its partnership with Redcon Construction to execute the construction works of its Jefaira project in the North Coast, with investments of approx. EGP 450 mn, Invest-Gate reports.

It is worth mentioning that Redcon has commenced the construction works of Inertia’s biggest project, as part of the fourth-generation cities projects, since June. Additionally, this contract comes along with Inertia’s strategy to alleviate the completion and implementation rates in its various projects.

The project is located on an area of ​​5.5 mn sqm, in addition, its beaches are seen among the longest in the North Coast, with 3.6 km2 in length, in addition to green spaces, services, and multiple facilities.

In this context, Ahmed El Adawy, CEO of Inertia Egypt, says, “Inertia is always keen on cooperating with major companies specialized in all works required for the company’s projects, including the Jefaira project, which is seen as the biggest and the most important one to us.”

El Adawy adds, “There are many other works that will be implemented in cooperation with Redcon during the coming period. It will be announced in due course, especially since Redcon is one of the companies known for its efficiency in the fields in which it operates.”

Additionally, Hussein Rifai, co-founder and CEO of Inertia comments, “Jefaira owns the largest share of the company’s owned land portfolio, which means that the majority of the company’s investments and plans are directed to this project, which comes in line with the state’s directives to develop the northwest area,” noting, “Jefaira will be among the fourth generation projects that achieve sustainability in an integrated manner and with a comprehensive concept, in a way that enhances it to be an extension to the New Alamein City and the new Ras El-Hekma City, by focusing on the establishment of housing units suitable for residence throughout the year, and hotel units, in addition to comprehensive health, recreational and educational services.”

For his part, Tarek El-Gamal, chairman of the board of directors of Redcon Construction, states, “Cooperation with Inertia is a new addition to the company’s business record, especially in the North Coast area,” stressing that the North Coast has recently become one of the largest areas that attract real estate investors in light of the state’s interest in that area and work to make it livable all year round.

It is worth noting that Inertia owns a huge land portfolio in Greater Cairo, the North Coast, and the Red Sea, reaching 6.3 mn sqm, with investments of up to EGP 71 bn, through eight major projects. Moreover, the total number of units offered reaches approximately 5,000 residential and commercial units, with a sales ratio of about 74%.