Kuwadico: EGP1.6 bln Total Investments of “Grand Heights”

Eng. Ibrahim Hassan, Chief Executive Officer of Kuwadico, which established by Kuwait’s National Real Estate Company (NREC) in a joint partnership with Egypt’s Wadi El Nil Company, has unveiled that the company finished 60% of the infrastructure of “Grand Heights” in 6th October City. The company will contract with Orascom Construction Industries to carry out the first phase of the venture at EGP 250 million investments. He referred that the company has injected EGP 1.6 billion in the venture so far, out of EGP 8 billion total investments.

In an exclusive interview to “Amwal Al Ghad”, the company is committed to its expansion strategies in Egypt after the revolution, so it focuses on its infrastructure; elaborating that

The Ministry of Housing and the New Urban Communities Authority (NUCA) have been taking serious procedures since Dr Tareq Wafiq engaged as a Minister of Housing, said Hassan, elaborating that the ministry started to allow investors to take part in takeing the decisions, which negatively reflected i\on the real estate sector.

Hassan added that the security and political turmoil are still obstacles in front of the growing of the Egyptian real estate market, more and above the bureaucracy made by the cities’ apparatus, like the problem of granting building licenses.