CAIRO: Representatives from the Saudi Sisban Holdings and the Egyptian Mountain View construction companies are to sign contracts Thursday of two housing projects in the 6 October City and New Cairo, Youm7 reported.
The signing ceremony of the two projects, worth 61 billion EGP ($7.99 m,), will be chaired by Egypt’s Prime Minister Ibrahim Mahlab.
The contracts were the subject of MoUs that were signed during the Egypt Economic Development Conference (EEDC) held in March.
“Egypt’s share in the projects will be 30-40 percent, depends on the value of the project, and the implementation period is up to 10 years,” said Minister of Housing Mostafa Madbouly in a press statement Wednesday.
Mountain View and Sisban Holdings will develop 500 acres in New Cairo, with expected revenues of 35 billion EGP and 370 acres in 6th of October City, with expected revenue of 26 billion EGP, said Madbouly.
Following the EEDC, Madbouly announced the signing of deals worth 12.7 billion including a project presented by Palm Hills Company to establish a new tourism project on an area of 500 acres in New Cairo with a cost of up to $3 billion. The deals also include another housing project worth$4 billion in the 6 October City.
The New Urban Community Authority (NUCA) is to finalize six MoUs of contracts of six gigantic housing projects, Madbouly announced in May.
The six MOUs are for South Marina project, the October Oasis project on a land area of 10,000 acres along with two housing projects in New Cairo on a land area of 500 acres each, according to Madbouly.
Among the said projects are also a tourism city project on a land area of 557 acres and a 470-acre housing project in the 6 October City, he added.