Kuwaiti, Saudi Firms offer developing 5 million metres in Mostakbal City

Egypt’s leading property developer, El Mostakbal for Urban Development has received during March economic summit Kuwaiti and Saudi offers to purchase lands at spaces of 5 million metres, chairman Fathhalla Fawzy said.

In exclusive statement to Amwal Al Ghad, Fawzy noted that his company would study those offers and would resume negotiations with the Saudi and Kuwaiti companies in line with preparing a plan to launch the second phase of Mostakbal City. The second phase is to include around 500 feddans representing services hub, and will be launched next June, he added.

All the residential parts, covering 1500 feddans, in the project were sold to Al Ahly For Real Estate Development, Wadi Degla Holding Company, and Zizinia for Real Estate Development and Investments.

El Mostakbal’s chairman further stressed the real estate sector’s capability to lead Egypt’s economic development and to achieve significant growth rates. The biggest challenge facing the Egyptian Ministry of Housing is to transform the memorandums of understanding (MoUs) signed during the conference into final agreements.