Egypt’s El Mostakbal for Urban Development has signed Wednesday a deal with Al Ahly for Real Estate Development for public-private partnership project in its flagship development Mostakbal City.
According to the agreement, Al Ahly will develop a 2.4 million square metre fully-fledged residential projects in Mostakbal City, spanning over 578 feddans.
Essam Nassif, El Mostakbal chairman, said the project is expected to generate revenues of 35 billion pounds (around $2 billion), and to provide 15,000 job opportunities.
Mostakbal City is the flagship and largest planned mixed-use development in Egypt’s New Cairo district, being developed on an area of 45 million square metres consisting of five phases, where the roads and green areas represent 50 percent of the total area of the city.
El Mostakbal is the master developer of Mostakbal City, in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks. The company is set to incorporate sub-developers to be responsible for developing the different areas of the project according to the approved master plan and urban planning, and design guidelines.
Founded in 2006, El Mostakbal for Urban Development is an Egyptian incorporated company in which major state-run banks and construction firm are main shareholders; Banque Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors.