Companies start developing Maspiro Triangle with investments of EGP10bln

The construction of residential towers in the Maspiro Triangle area has begun, as assigned firms started the digging process, announced the Deputy Cairo Governor Major General Ibrahim Abdel Hady.

He added that Maspiro Triangle project will be completed within three years, . More companies are expected to be involved in implementation of the project to speed up it up and shorten the due period.

The Maspiro triangle project will include recreational areas and commercial zones. However, The 30-storey residential towers will be executed as a mini-image of Dubai towers. Maspiro Triangle will have hotels, touristic places facing the Nile River, in addition to a recreational area worth 10 billion ($556.9 million).

Maspero triangle’s residents were asked to choose between financial compensation, relocation to Asmarat or to remain in their homes until development finished. Ten percent chose to move to Asmarat and another 10 percent to remain in their place until development works are finished. Eighty percent chose to receive financial compensation.

The project is a part of an initiative launched in 2014 to develop slum areas all over Egypt.