Rooya Group, one of Egypt’s fast-growing real estate developers, is seeking through a consortium of three other firms to win two partnership projects with Egypt’s Housing Ministry. The projects are located in Sheikh Zayed and New Cairo districts.
The consortium consists of Pioneers Holding, Cairo for Housing and Development (El Kahera for Housing), and Saudi- based Al Muhaidib Group.
In an interview with Amwal Al Ghad, Hisham Shoukry – Chairman of Rooya Group – said carrying out partnership projects between the state and the real estate developer would enable the latter to pump more investments in the project and eventually generate significant returns.
The first project is Zayed Crystal Park in Sheikh Zayed district, whereas the second is an integrated residential project to be built in an area of 345 feddans.
Zayed Crystal Park includes the tallest tower in Giza in an area of 190 feddans (789.000 square metres), the Armed Forces has approved of the tower height which will consists of administrative and commercial areas.
The Egyptian Economic Development Conference has come out with two systems to provide lands: partnership and general developer. The general developer system is based on coordinating with other secondary developers specialised in carrying out each part in a project, aiming to maximise benefiting from the land.