Egypt’s Misr Italia Properties (MIP) is investing 170 million Egyptian pounds ($9 million) in implementing state-of-the-art smart technology systems in residential and commercial projects, the company CEO and Managing Director said.
Mohamed Hany El-Assal told Zawya Projects that the company is investing more 70 million pounds ($3.7 million) to develop the technological infrastructure for Cairo Business Park and over 100 million pounds ($5.3 million) for IL Bosco City, both located in New Cairo.
The 2-billion-pound ($106 million) Cairo Business Park consists of 42 office buildings, and a 130-key Hilton Garden Inn while the 22-billion-pound ($1.2 billion) IL Bosco City New Cairo consists of villas, town houses and apartments.
El-Assal said MIP is also implementing smart technologies at its 18-billion-pound ($950 million) IL Bosco project in New Administrative Capital (NAC).
He said: “In 2020, we delivered about 200 villas and 800 within in Phase 1 of IL Bosco, becoming the first private sector developer in NAC to complete delivery. We also opened IL Bosco Javelin Sports Club in the first phase”
El-Assal said the company has partnered with international companies to implement smart solutions in its projects.
“One of the most prominent partnerships is with Honeywell, where we are leveraging the company’s expertise in smart technologies for our completed and under-construction projects,” he said.
In March 2022, Honeywell and MIP had signed a Memorandum of Understanding (MoU) to deploy pilot projects that enable smart living.
Honeywell had said in a press statement that it will deploy advanced city surveillance systems for improved emergency response and access control; sustainable and energy efficient technologies for energy optimisation as well as smart irrigation, smart street lighting, water management and smart parking in MIP’s projects.
MIP has also signed partnership pacts with major telecom operators in Egypt, namely Telecom Egypt WE, Etisalat Misr and Orange Egypt to facilitate the implementation of smart systems.
“These partnerships aim to bring state-of-the-art technologies to MIP and support our digital transformation journey through the development of smart living projects and realise Egypt Vision 2030 and the UN sustainable development projects through smart city applications,” added Mohamed Khaled El-Assal, CEO and Managing director of MIP.
(1 US Dollar = 18.93 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)