Egypt - Menassat Developments inked a strategic partnership agreement with a consortium comprising Solid Construction as well as Dar for Construction and Trading (DETAC) to carry out the concrete structure works of a commercial, administrative project in the New Administrative Capital (NAC) at a value of EGP 650 million.
Ahmed Amin Massoud, Chairman of Menassat Developments, pointed out that the project is scheduled to be fully completed in 2025 at an investment cost of EGP 2.50 billion.
The property developer had assigned the project’s engineering consultancy to Pinnacle Group, whereas Sabbour Consulting will oversee the construction works. Meanwhile, EHAF Consulting Engineers will be responsible for the design and implementation phases of the commercial project.
Additionally, Nile Engineering Consulting Bureau will perform the soil tests, while UAE-based Eltizam Asset Management Group will handle the facilities and assets of two projects owned by Menassat Developments.
Tarek Bahaa, CEO of Menassat Developments, indicated that the Administrative Capital for Urban Development (ACUD) had reviewed all the project’s designs, adding that a validity statement was approved by the NAC’s authority.
Furthermore, the Housing and Building National Research Center (HBRC) surveyed the construction, architectural, and electromechanical schemes.
Bahaa revealed that the company's current investments amount to around EGP 3.10 billion, of which EGP 2.50 billion has been invested in aNAC project that spans 19,870 square metres.
Meanwhile, the remaining EGP 600 million is pumped into a development located on an area of 4,360 square metres in New Cairo.
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