In a move to strengthen and stimulate the Egyptian real estate sector, Kuwait Wadi El Nil Urban Development (Kuwadico) signed strategic alliances with leading Egyptian real estate developer and contractors such as “Orascom Construction Industries” (OCIC.CA) and “Amer Group” (AMER.CA) to carry out the “Grand Heights” project in the Sixth of October City allocating more than LE 8 Billion in investments consigning the world’s leading consultants.
Engineer Ibrahim Hassan; Chief Executive Officer of Kuwadico stated: “We strongly believe in the strength and prospects of the Egyptian real estate market, which represents a backbone to the Egyptian Economy at large, despite any current challenges prevailing, with the first signs of stability and government support, we expect the market to recover and flourish significantly”.
Hassan added: “We are hoping and looking forward to practical results of recent and upcoming government measurements in support of the industry and hence will directly drive more investments in the development and real estate industry, which remains evermore the most attractive market in the whole region”.
Kuwadico plans a long term development venture in Egypt with more expansions and diversified product portfolios building on their strong regional and international expertise as well as leadership in the local market provided through the partnerships between Kuwaiti National Real Estate Company (NREC) and Wadi El Nil for urban development company, both highly reputable and solid entities.
Hassan added: “Kuwadico offers thousands of permanent job opportunities for young Egyptians through its first 3.8 million square meters project” Grand Heights”, which is currently under construction to deliver first phase by the first quarter of 2014. This is in addition to thousand other indirect job opportunities covering all related industries such as infrastructure, construction, and finishing”.