Kuwait’s Alghanim Eyes Large Tourism Real Estate Project in Cairo Soon

Kuwaiti conglomerate Alghanim Industries is planning to start a new tourist real estate project in Cairo within the upcoming period, the Group’s Chairman Kutayba Alghanim announced on Thursday.

Alghanim Industries’ upcoming project in Cairo is set to be at its land plot located in Corniche El Maadi, Alghanim added. The Kuwaiti firm had bought the land in 1974 intended to launch its project, but such plans were suspended due to disputes with former Egyptian government.

He anoted that his firm is currently conducting all the necessary planning studies on its anticipated project in Egypt followed by the implementation stage after settling disputes over its land in Corniche El Maadi.

In 1974, the Kuwaiti firm had estimated the investment cost at US $ 500 million approximately.

The Kuwaiti business tycoon further attributed the delay in launching its Egypt project to ‘technical issues’ – which have been finally resolved. The technical issues had lasted for 40 years with the Egyptian courts during the former government.