Golden Town Development announced the establishment of an Egyptian-Saudi alliance and partnership with the Saudi businessman Ahmed bin Abed Al-Juhani, who is considered one of the most prominent Saudi businessmen in the Kingdom of Saudi Arabia, within the framework of the company’s ambitious plan to inject more major new real estate projects and continue the leadership that it began and in line with The new investment thought that the company is pursuing and aims to become one of the largest real estate investment companies in Egypt and the Middle East.

Raafat Maher, Chairman of Golden Town Development, said that this alliance aims to pump huge investments, acquire a large and distinctive land portfolio, and establish many real estate projects during the coming period, indicating that we have come together in our goal in this partnership to provide all services. Real Estate in a unique and innovative way, and we aim to satisfy all our customers by giving them the value they are looking for in the Egyptian real estate market and working to export a modern and distinguished real estate product to more than 30 countries around the world by the end of this year.

Raafat Maher added that Golden Town, through its current expansion, wants to implement new projects with a new distinct idea, relying on the most wonderful modern international designs made by major engineering offices, including modern drawings for the fifth generation of new cities.

Maher explained that the company's expansion plan aims in the next stage to pump investments exceeding 10 billion pounds and seeks to invest in purchasing a new real estate land portfolio in distinguished new cities.

He added that the company has a promising plan to invest and expand in a number of promising modern cities such as the Administrative Capital and the North Coast, as well as expansions of new urban communities in East and West Cairo and the new Sheikh Zayed City, to keep this in line with the state’s plan. In the development and development of new cities, it gives a major economic boost to the country, in addition to achieving diversification in the company’s investment portfolio and presenting a diverse package of projects to clients, especially after we achieved distinguished successes in the company’s previous projects in the New Administrative Capital.

Regarding “Golden Town’s” future plan, Raafat Maher said that within a few days, its fourth and largest project will be launched, which is the largest commercial, entertainment and service edifice, which contains many commercial and entertainment services that are provided for the first time and is topped with three connected towers and a full-service business entrepreneurship center that contains... Hotel units characterized by distinctive commercial hotel and entertainment services and swimming pools at a height of approximately 50 meters with the most beautiful and stunning view of the landmarks of the Administrative Capital. The hotel units represent a unique architectural icon, and seek to achieve a sales volume of more than 6 billion pounds during the current year from its new project that will be launched in the coming days.

Maher pointed out that the North Coast region also has great new and distinctive investment prospects for major real estate development companies and the contracting sector, especially what happened to the “Ras El Hekma” development project, which expresses the development of integrated urban and tourism communities where that city will operate. To bring about real and comprehensive development for the entire region, building a deep and correct vision for the Egyptian state. This deal came at a very precise timing for the Egyptian economy, and its details carried many positives that we had not seen before in these representative deals.

He pointed out that Golden Town has already begun studying a number of important projects in this distinctive area of the northern coast and intends to establish major distinctive projects in that strategic region during the next phase.

Regarding the executive position of the previous projects, Raafat Maher confirmed that the engineering management team of the “Golden Town” company has extensive practical and technical experience, in conjunction with senior experts from Egyptian consulting offices, to ensure excellence and quality in our engineering projects as part of our pledge to provide and develop exceptional real estate projects that meet different needs. The needs of our customers, while adhering to the highest standards and international engineering codes, explaining that our mission in this is to implement our projects with precision and mastery and provide all our services at high levels that are distinct from others. Therefore, we are always keen to be different by using the best unconventional methods and with exceptional specifications that are more advanced than others.

He pointed out that the cadres of the engineering office of the “Golden Town”, during that period, were able to complete all procedures for obtaining the final license for The Fort Mall and Cascada Mall, and within days of obtaining the latest developments, a license for Dinero Tower Mall is underway, which is considered a credential for our engineering cadres, and on the land of the sites, it has been reached. The percentage of concrete construction for “The Fort” Mall exceeded 42% of the entire concrete structure, and it is targeted to reach a percentage of no less than 90% by the end of this year. For the “Cascada” Mall project, all excavation work for the rocky soil has been completed and the actual pouring has begun. Reinforced concrete for the mall’s concrete building, and it is targeted to reach a rate of no less than 80% by the end of this year as well. This is in parallel with the start of soil consolidation work and complete excavation work for the “Dinero Tower” project, so that we can begin next year the phase of implementing the construction work for the concrete structure.

The Company's chairman confirmed:

We seek, by the end of this year and next year, to deliver all units in the two projects to Golden Town customers.

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