Qatari Diar has awarded the new phase of CityGate New Cairo with a total investment of EGP 1.75 billion, according to an emailed press release on February 12th.
Contracts of the new phase’s construction have been signed between Bawabat Al-Sharq New Cairo Real Estate Investment, a subsidiary of Qatari Diar in Egypt, and Consolidated Contractors Company (CCC).
The new phase covers the construction of Opal 3D-A and Garnet 3D-B at CityGate New Cairo, a self-sustaining city in the heart of New Cairo that is 30 minutes in proximity to Cairo International Airport.
Commenting on the renewed collaboration with CCC, Abdullah bin Hamad Al-Attiyah, CEO of Qatari Diar Real Estate Investment Company, said: “Implementing the new phase of CityGate New Cairo marks an important milestone for Qatari Diar in Egypt as the project will value over $12 billion once completed.”
“With over EGP 1.75 billion, the new phase of CityGate New Cairo comes in line with our strategy in the Egyptian market. We focus on implementing large-scale projects with the highest international standards while integrating them with a green and sustainable approach to support the Egyptian economy as well as the real estate sector,” Al-Attiyah added.
For his part, Jamal Bahlawan, CEO of CCC, said: "As the main contractor of the first phase of CityGate New Cairo, encompassing the construction of 430 units, we are committed to delivering the highest quality in line with what we have priorly achieved.”
Spanning over 357,125 square meters, the new phase of Citygate New Cairo comprises the construction of 422 residential units of various villas, quattros, and twin houses, Hamad Bin Talal Al Thani, Chief Development and Project Delivery Officer (Asia and Africa) at Qatari Diar, said.
The project creates more than 2500 job opportunities, endorsing Qatari Diar’s strategy to establish a continuously positive impact on the Egyptian job market as well as the economy.
Moreover, CCC’s Area Managing Director North Africa Mohamed Tarek noted that the company is carrying out projects in the Egyptian market worth $1.8 billion with a total of 25 contracts.
Tarek also added that CCC seeks to reach $3 billion within a year, pointing out that the recurrent contracts with Qatari Diar ensure their trust in CCC’s ability to deliver.
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