UAE Company Will Develop Cairo's Andalus Gardens for EGP 60 Billion
The signing ceremony was attended by Prime Minister, Dr. Mostafa Madbouly.
A contract signing took place today at the cabinet headquarters in the New Administrative Capital between Egypt's New Urban Communities Authority and UAE's UDC Real Estate Development Company, for the allocation of a plot of land in the Andalus Gardens area of New Cairo. This venture, with an estimated investment exceeding EGP 60 billion, will establish a comprehensive urban activity, encompassing residential, administrative, entertainment, commercial and hotel components.
The signing ceremony was attended by Dr. Assem Al-Gazzar, Minister of Housing, Utilities, and Urban Communities, Engineer Amin Ghoneim, Vice President of the New Urban Communities Authority for the Real Estate and Commercial Affairs Sector, Mr. Muhammad Zahid Al-Batrani, CEO of UDC Real Estate Development Company, and Egyptian Prime Minister, Dr. Mostafa Madbouly.
The allocated plot of land spans 665,505 square metres and boasts a prime location on the Central Ring Road, adjacent to the Triangle of Hope in New Cairo. The development, named 'The Crest,' will be executed in collaboration with Alcazar Capital, promising a world-class standard that aligns with UDC's renowned global projects. The comprehensive plan aims to attract domestic and international interest and will undergo rigorous marketing efforts. The projected timeline for the project is set at eight years, commencing from the issuance of planning and zoning approval.
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