Arab Contractors working on Maadi Nile Corniche’s housing project in Sept.

Egypt’s state-owned Arab Contractors will start the construction works of Nile 90 flagship in Maadi Nile Corniche in September, founder of Baitk Biedak Initiative said on Saturday.

With investments totalling 1 billion Egyptian pounds ($57.7 million), Nile 90 is set to include 2,000 housing units, Mahmoud Abdel Shafy added.

“Egyptian Sabbour Consulting is responsible for executing the engineering designs of the project,” Shafy said.

Moreover, Arab Contractors is developing two projects, including villas in Sheikh Zayed City, at the outskirts of Cairo, with total investments approaching 800 million pounds, he said.

In 2008, Baitk Biedak Initiative was launched in Upper Egyptian governorate of Assiut, with the purpose of fighting the massive and unjustified increase in the prices of the Egyptian real estate market.

The initiative aims to provide the local market with units at low cost-price, and a 5 percent markup for the execution and management of the project, along with hassle free payment options as opposed to the complicated bank loan process.

The initiative succeeded in delivering 2,000 residential, commercial, and administrative units in 80 projects in a ten-year timeframe.