Egypt’s property developer, Wadi Degla Holding, is competing on Zayed Crystal Spark project scheduled to be established by using private public partnership system, its deputy CEO Amr Al Kady said Sunday.
He told Amwal Al Ghad that this comes after New Urban Communities Authority (NUCA) has reoffered investors to compete for implementing the giant pyramid-shaped skyscraper in Sheikh Zayed City.
Spanning over 190 feddans, the project will be built over 30 percent of the total area of the land, used for administration, commercial and entertainment purposes. It will also include versatile buildings, located on the main road and overlooking the July 26 road.
The project is with total investments worth 8 billion Egyptian pounds not including the land price. In addition the returns on investments vary between 25 percent and 30 percent.
The project includes several large urban projects and a centrally-positioned skyscraper inspired by Egypt’s most famous architectural shape. Once completed, the towering structure will be the tallest in Egypt.
The 200-foot-high pyramid-like structure is expected to become the country’s tallest building and will be surrounded by various government, commercial and entertainment spaces.
NUCA has received other proposals from other companies namely Emaar Misr, Al-Arabia Real Estate Development owned by the Saudi investor Fahad Al-Shabkashy and Rooya Group for Real Estate Investment to establish the project.