MIDAR for Investment and Urban Development, along with Mountain View, has entered into a contract with Arab African International Bank to establish an escrow account for their joint project, ALIVA, Invest-Gate reports.

This project is part of the fourth phase of Mostakbal City, a large-scale development in east Cairo that spans 638 acres.

Ayman ElKousey, MIDAR’s Managing Director and CEO, explained that the escrow account ensures that MIDAR and Mountain View receive their respective shares of revenue from the sales of ALIVA, in accordance with the development contract and the total revenue sharing system.

ElKousey further stated that the infrastructure works in the city are nearing completion, following the general plan for each phase and adhering to the latest global standards for developing large cities.

Mostakbal City offers a wide range of residential, commercial, and administrative units, along with a comprehensive system of services and facilities, including education, healthcare, entertainment, branded residences, financial and business communities, banks, gas stations, and service companies. The city covers an extensive area of 5,200 feddans.

Amr Soliman, Founder and CEO of Mountain View, emphasized that the establishment of the escrow account demonstrates the project’s reliability and the banking sector’s confidence in Mountain View and MIDAR. This step will also expedite the construction of ALIVA City.

Soliman revealed that the bank account was opened within a few months of the partnership contract between Mountain View and MIDAR, as well as the launch of the project’s first phase. He expressed anticipation for further success for ALIVA City, as the first phase was sold out within days, generating EGP 32 bn in sales.