Etqan appointed as consultant for Nile Business City project in Egypt's New Capital

The project consists of four separate towers

A worker wearing a protective face mask works on a building under construction. Image used for illustrative purpose.

A worker wearing a protective face mask works on a building under construction. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Nile Developments has contracted with Etqan Business Development as a financial and marketing consultant to launch the Nile Business City project in the New Administrative Capital.

Mohamed Taher, Chairperson of Nile Developments, said that this cooperation is not the first of its kind between the two companies, adding: “Etqan helped us a lot in preparing marketing and financial studies besides assigning planning experts.”

Taher noted that the project covers an area of 296,000 sqm, equivalent to about 70.5 feddan, and is the highest private sector skyscraper in Egypt with a height of 56 floors, and the project consists of four separate towers.

Bassem El-Sherbiny, CEO of Etqan Business Development, said that research and studies were prepared from different countries around the world to get the best ideas for the building.

He pointed out that the Administrative Capital market needs new, innovative and unconventional ideas in light of fierce competition it is witnessing.

Meanwhile, General Manager and Financial Consultant at Etqan, Ahmed Abdel Aziz, said that contracting with the Nile Developments for the Nile Business City project represented a great challenge due to the enormity of the project, which is the third-highest skyscraper in Egypt.

Etqan provides financial advice, including developing and reviewing financial studies, supervising development of financial plans, preparing budgets and managing cash flows, building and developing the company’s internal financial management team, and providing technical support. In addition to, following up on payment and pricing systems and updating them periodically, and building a reporting system to follow up on company’s financial performance, Abdel Aziz disclosed.

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