Egypt’s state-run construction firm, Moukhtar Ibrahim says it studies launching a public-private partnership (PPP) real estate flagship in Damietta governorate, northeastern part of the state, by early 2019.
Moukhtar Ibrahim’s deputy chairman for financial and administrative affairs Mohamed Zaghloul said Monday that the new project, which is with investments of ten billion Egyptian pounds ($55.8 million), will be spanning over 103 feddans.
“This comes as part of the company’s strategic plan that focuses on developing its land plots, through expanding in the real estate investment activity,” Zaghloul further told Amwal Al Ghad.
The project is set to include establishing a bunch of residential buildings, small malls, and commercial units as well as a hotel tower and major hospital, he said.
The Egyptian official referred that Moukhtar Ibrahim is currently cooperating with one of the consulting engineering offices for the project’s preliminary studies.