Real Estate UAE developer to build $500m project in Egypt By Pramod Kumar July 10, 2024, 7:14 AM Unsplash.com/Faqih Abdul The new mixed-use project in Cairo will overlook Warraq Island in the river Nile KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news agency reported. The project will cover an area of 20,000 sq m. A construction timeline was not given. NewsletterGet the Best of AGBI delivered straight to your inbox every week KSH Investment is an affiliate of the Private Department of Sheikh Mohamed bin Khalid Al Nahyan, a company owned by Abu Dhabi’s ruling family members, the report said. Egypt in February signed a deal with the UAE’s ADQ to build the “largest new city” in Egypt to promote tourism and drive economic growth. Temporary LNG fix masks Egypt’s energy crunch Egypt shows signs of recovery after landmark IMF deal Deals between European and Egyptian companies worth $43bn Negotiations for a similar deal with Saudi Arabia to develop Ras Gamila, an undeveloped coastal area near the resort of Sharm el-Sheikh, are still in the early stages. Cairo-based Talaat Moustafa Group announced this month plans to invest $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe.
