Egypt’s property developer Amaar Group is joining forces with Saudi Arabian Al Saqqaf Real Estate Company to launch a commercial and service mall in the Sixth of October City.
Amaar Group said Sunday it had started executing its first commercial flagship, Watch in the Sixth of October City over 8,870 square metres, with Saudi-Egyptian investments of 300 million Egyptian pounds ($16.9 million).
The Egyptian company has just started its first steps in the country’s real estate investment sector in cooperation with its Saudi partner, its chairman Abeer Essam said.
Amaar is seeking to pump more joint investments with Saudi Al Saqqaf in the Egyptian real estate market, Essam added.
Watch is set to be a giant commercial mall located in the heart of a residential complex in the Sixth of October City, over 369 feddans, Essam said, adding that the project aims to provide around 300 job opportunities.
Saudi businessman Mohammed bin Hassan Al Saqqaf, owner of Al Saqqaf Real Estate Co., had expressed his willingness to build a strong presence in Egypt through the real estate investment area, the Egyptian official said.
Amaar Group will announce the details of its Watch flagship in a press conference in early September, in the presence of Saudi Al Saqqaf officials.