Misr Italia Properties has signed an EGP 500 mn contract with two major construction firms to accelerate building works at its projects in New Cairo and the New Administrative Capital (NAC), Invest-Gate reports.

The deal was signed with Group for Constructions and Alandalos for Construction & Reconstruction to secure their expertise to help ensure timely delivery of IL BOSCO City in New Cairo and IL BOSCO and Vinci projects in NAC.

Speaking after touring progress at IL BOSCO City’s Sila apartments now under development, CEOs from Misr Italia and the contracting firms expressed confidence in mobilizing resources to satisfy the company’s delivery commitments.

Misr Italia is developing IL BOSCO City spanning 268 acres in New Cairo with architects Callison RTKL and Stefano Boeri using a “15-minute city” design. Concrete works have wrapped for 76 Sila villas to be completed in October 2024, with exterior works next.

It is worth mentioning that the signing was attended by Mohamed Khaled El Assal, and Mohamed Hany El Assal, CEOs & Managing Directors of Misr Italia Properties, Sherif Saleh, Co-CEO of Misr Italia Properties, Ayman Shimy, CPO of Misr Italia Properties, Ahmed Mohamed Youssef, CEO of Group for Constructions, and Sami Gergis Ezequiel, CEO of Alandalos for Construction & Reconstruction.

The agreement demonstrates Misr Italia’s focus on collaboration with established builders to quality build its diverse mixed-use communities featuring green spaces and smart infrastructure following international standards. It aims to help sustain the country’s real estate sector growth through reliable project execution.