Redcon to develop EGP 30 bln mixed-used development in New Cairo

Redcon for Offices and Commercial Centres, part of Egypt-based Redcon Construction, plans develop The Golden Gate project in New Cairo, with expected investments worth more than 30 billion Egyptian pounds (around $2 billion).

Golden Gate is one of the largest mixed-used developments that overlooks Al-Tese’en Street on the gateway to New Cairo, and is immediately adjacent to the American University in Cairo (AUC).

The project brings 162,000 square metres of prime commercial, administrative, leisure, and services spaces, with proximity to monorail main station.

Egypt’s monorail project – is expected to be operational by the end of 2022 – will link between the country’s new administrative capital and 6th of October City.

With an authorised capital worth 5 billion pounds and issued and paid-up capital of 800 million pounds, Redcon has completed establishment of new subsidiary Redcon for Offices and Commercial Centres, chairman Tarek El-Gammal said on Thursday.

The new company is specialized in mixed-used development projects, El-Gammal added.