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Image used for illustrative purpose. Alexandria Skyline, El Corniche and city beach, Featuring Bibliotheca Alexandrina Library -Alexandria, Egypt.
Egypt has signed an agreement with a local company to invest nearly 32 billion Egyptian pounds ($1.7 billion) for the development of Mokattam Corniche in Al-Ahram area in the Cairo Governorate, local newspaper said on Monday.
The government-owned Elnasr Housing and Development Company signed the deal with Cairo-based Scope International for Engineering and Architecture, they said.
The project is spread on an area of around 2 million square metres and comprises houses as well as commercial, tourism, education and sport facilities, the report said.
Revenues from the project are expected to top 61 billion pounds ($3.2 billion) and it will be a joint public-private venture.
“This is a landmark project for Mokattam area and is part of plans to promote partnership between the public and private sectors,” Alwatan daily said, quoting Egyptian Minister of Public Enterprises Sector Hisham Tawfiq.
The report said the project would be funded by Scope International as “the principal investor,” adding that it includes a large housing complex with all related services. It did not mention when the project will be completed.
(1 US Dollar = 18.63 Egyptian Pounds)
(Writing by Nadim Kawach; Editing by Anoop Menon)
