Inertia partners with Redcon Construction for the construction works on its mega project, Jefaira, on the North Coast, with investments worth EGP 450 mn, Invest-Gate reports.
It is worth highlighting that Jefaira spans over 5.5 mn sqm, and it boasts one of the longest beaches on the North Coast, in addition to its vast green spaces, and a wide range of services and amenities; and its construction has commenced in June, according to the company’s press release.
Ahmed El-Adawy, CEO of Inertia states, “Inertia is always keen to partner with prominent companies to ensure top-tier execution for all the works required for its projects, including Jefaira, being one of the largest and most important projects of Inertia. Worth mentioning, Redcon Construction is one of the leading contracting companies known for its timely and professional projects’ execution.”
Moreover, Hussein Rifai, co-founder, and CEO of Inertia Holding Group says, “Jefaira owns the largest share of the company’s land portfolio, hence, the bulk of the company’s investments and plans are directed to that project. This comes in line with the state’s vision of developing the northwestern coast, especially as Jefaira will be among the 4th generation projects focusing on sustainability in a fully integrated manner and a comprehensive concept, strengthening its position as an extension to the new cities of Alamein and Ras El-Hikma.”
Rifai adds, “Driven from the fact that the future of these cities will shift from summer destinations to year-round cities, Jefaira focuses on establishing residential units and hotel apartments suitable for year-round living, complemented with health, recreational, and educational facilities.”
For his part, Redcon Construction Chairman of the Board of Directors Tarek Elgamal declares, “Our recent collaboration with Inertia is a valuable addition to the company’s business record, particularly in the North Coast region.”
Elgamal remarks, “The decision to work with Inertia came after a thorough examination and comprehensive study of the work required and preparing for their commencement on the agreed-upon date. Further, the state’s interest in the North Coast and its attempts to transform it into a year-round destination has positioned this area as one of the most promising for real estate investments.”
It is noteworthy that Inertia owns a huge portfolio of land in Greater Cairo, the North Coast, and the Red Sea, amounting to 6.3 mn sqm, with investments of up to EGP 71 bn, through eight major projects. Furthermore, the total number of units available was roughly 5,000 residential and commercial units, with a sales ratio of around 74%.