Egyptian real estate company Abraj Misr signed a 1.1 billion Egyptian pounds ($140 million) strategic partnership with SIAC holding to carry out the construction works for its first and largest residential, administrative, smart and eco-friendly project, which is dubbed as ‘The Gate’.
The 400.000 sqm project is set to be completed within 24 months. Placed in the heart of Cairo, The Gate is a luxury mixed-use development encompassing seven residential, commercial, retail, and office units with a five-star hotel and services.
Abraj Misr Chairman, Aly Rabie told Amwal Al Ghad that his company has chosen SIAC as the Gate’s general contractor after studying myriads of offers represented from large contracting firms in Egypt and Middle East.
SIAC Industrial Construction and Engineering Company, is one of the leading regional private construction firms in Egypt and the Middle East. It has executed a diverse and far-reaching portfolio of major construction projects in different sectors of real estate, industrial construction and infrastructure.
Furthermore, The Gate is with investments worth 4.5 billion Egyptian pounds, it will provide 2000 direct job opportunities. Abraj Misr has given the project’s land so that SIAC could launch it in March 2016.
In addition, the new eco- friendly project will be powered by solar water heating, wind turbines, green areas and roof terraces and will have unique features such as an archi-green building, passive geothermal cooling, solar photocells, green walls, rooftop community gardens, HVAC control Communication Systems, and smart home user interface facilities.
Moreover, The Gate is designed by the renowned Belgian architect Vincent Callebaut, famous for creating an edge in building concepts in Cairo.