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Qatari Diar to invest $543.8m in Egypt projects

DOHA: Qatari Diar Real Estate Investment Co signed a contract with Consolidated Contractors Company ( CCC ) worth more than $543.8m yesterday to develop projects in Cairo and Sharm El Sheikh.

The contract allots $464.3m for "Nile Corniche" project in Cairo and $79.5m for coastal resort project in Sharm El Sheikh.

Qatari Diar Egypt has also entered into a tripartite agreement between Qatari Diar , Consolidated Contractors Company ( CCC ) and Silatech. The tripartite agreement was signed in conjunction with the contract for construction in order to provide employment opportunities to Egyptian workers and graduates.

Qatari Diar has urged its partners to provide a total of more than 4,000 job opportunities through the agreement, to make up 90 percent of the workers and engineers for Qatari Diar 's projects.

Mohamed bin Ali Al Hedfa, Group CEO of Qatari Diar , said: "This agreement is a testament to our commitment to bringing these two signature mixed-use developments to life. Through these projects, Qatari Diar aims to support Egypt's real estate and tourism sectors and the country's strong potential for long-term growth."

"We are proud that our projects are playing a role in improving business, tourism, residential and infrastructure opportunities. Our projects are creating an exciting, new urban environment - with our Nile Corniche development standing amidst ancient Egyptian history on the banks of the Nile and our Sharm El Sheikh project serving as a unique luxury attraction to the Red Sea tourist town."

Samih Zaben, CCC Managing Director for North Africa, commented: "We are eager to join forces with Qatari Diar to develop what promises to be some of Egypt's most distinguished real estate projects. We have proudly worked beside Qatari Diar on a number of developments across the region and we look forward to continuing our strategic partnership through this contract."

The Nile Corniche project is centrally-located, offering the best of modern luxuries and integrated facilities in what is considered one of Cairo's most distinguished developments. Seventy percent of the project components are sourced from local industries.

Nile Corniche extends across 9,360sqm and will include two massive towers with a range of residential and hotel accommodations. The North Tower will contain 28 levels of finished luxury apartments, including 4 levels of penthouse suites, while the St. Regis hotel will occupy 10 levels of the South Tower with 17 additional levels of hotel, serviced, and luxury apartments. Retail outlets, restaurants and various office spaces and meeting rooms will occupy an additional 197,000 square meters of space, along with a 647-space underground car park, a library, children's center and indoor and outdoor swimming pools. Michael Graves Architects are the principal designers for the project while the Arup firm are the structural designers.

The first phase of construction for Sharm El Sheikh resort is expected for completion in June 2012, whereby the project's concrete structures and mechanical and electrical works will be completed. Sub-contractors and local contractors have been hired for this phase.

© The Peninsula 2011