Egypt’s El Mostakbal for Urban Development is in talks to incorporate two property developers for key public-private partnership projects in its flagship development Mostakbal City, its chairman announced Wednesday.
The two projects are on areas ranging between 700 and 1,000 feddans, Essam Nassif, El Mostakbal chairman, added.
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 in talks with Egyptian and European-Egyptian developers seeking to carry out comprehensive projects in Mostakbal City, involving service, hotel, and residential sectors, Nassif told Amwal Al Ghad.
“We are expecting to sign first memoranda of understanding to have time to study the projects for 4-6 months, before reaching the final agreements.” He added.
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.