Prime Minister, Mostafa Madbouly, has witnessed the completion of the first phase of the “iCity” project in New Cairo, Invest-Gate reports.
During the visit, the Prime Minister inspects the executed housing units, as well as the finishing works, utilities, and green spaces, in addition to the project’s clubhouse.
Madbouly stresses that the iCity project is the fruit of a successful partnership between the public and private sectors, as the relationship between both sectors is no longer limited to just allocation of land plots or delivery of utilities.
For his part, El Gazzar points out that the Ministry of Housing, represented by NUCA, has expanded during the past six years in offering land plots for development in partnership with the private sector, which is part of the ministry’s plan to diversify the mechanisms of land offering, and to maximize the investment value of land plots in a sustainable manner.
Moreover, the minister remarks that the number of partnership projects between the public and the private sectors has so far reached 18 projects on a total area of 19,250 acres. The first phase began from 2015 to 2017 and included about nine projects on a total area of 13,243 acres, with total investments of EGP 315 bn.
He further continues that the second phase was from 2017 to 2019 with seven projects located on an area of 4,997 acres, and with investments estimated at EGP 150 bn. Meanwhile, the third phase has begun this year on an area of 5,000 acres, and with investments of EGP 500 bn.
Additionally, El Gazzar points out that the iCity project is located on an area of 500 acres, with investments estimated at EGP 65 bn, besides it provides numerous direct and indirect job opportunities, noting that the project’s first phase was launched in mid-2016.
In this regard, Amr Soliman, chairman of the board of directors of Mountain View, expresses his great appreciation for the visit of the Prime Minister, saying, ”This confirms the government’s interest and confidence in the private sector as an essential partner in the development plan. This project is the result of the successful cooperation between the government and the private sector, and it enhances future opportunities for partnership with the government.”
Soliman mentions that Mountain View intends to deliver 600 units in the project during the next two months, in addition to 1,800 units, as part of the first phase, by the end of this year. In a related context, Soliman explains that the iCity project is the first one of its kind to be implemented in a four-dimensional system, identical to the international standards.
The project is executed in four levels, taking into consideration the environmental standards and includes smart solutions to separate the vehicles’ road from the residential areas. It also provides solutions for electricity consumption and supports smart infrastructure by connecting fiber-optic networks, to ensure the speed and quality of communications and information technology. Besides, it provides new smart solutions to create traffic liquidity for the population, in addition to providing the latest transportation means.
During the visit, Mountain View has announced its latest partnership with the Intercontinental Hotels Group, to manage and operate the project’s hotel apartments according to international standards. Accordingly, the Intercontinental Hotels Group will be responsible for the management of Mountain View’s tourist projects, hotels, and hotel apartments.
Moreover, Mountain View signed a strategic cooperation agreement with Huawei Technologies to develop technological infrastructure in the iCity project to become the first smart interactive city in Egypt with investments exceeding USD 1 mn.
The iCity Project has been implemented by Mountain View, in partnership with the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority (NUCA). During the visit, Madbouly was accompanied by Assem El Gazzar, The Minister of Housing, Utilities and Urban Communities, Amr Soliman, chairman of the board of directors of Mountain View, and a number of company officials.