Saudi Dar Al-Ma’ali allocates EGP1.5 billion for Square 2 New Cairo Project

Saudi Dar Al-Ma’ali for Development and Real Estate Management allocates 1.5 billion Egyptian pounds (US$196.5 million) for development works on Square 2 New Cairo project, chairman of Al Ahly Real Estate Development announced.

Square 2 New Cairo project is being built over 80 feddans for the first phase in El Mostakbal City, targeting the launch of new 2000 above-average housing units.

Hussein Sabour – Al Ahly Real Estate’s Chairman – further stated that Dar Al-Ma’ali is a prime partner in carrying out multiple housing and services projects inside new cities in Egypt. The Saudi company’s contributions include taking part in the implementation of Square I – whose housing units were fully sold by end of 2014 – and Platinum Club projects, he added.

Moreover, Sabour also noted that Al Ahly Real Estate would continue its cooperation with the Saudi and UAE arms of Dar Al-Ma’ali Group. Al Ahly has recently received offers – which are currently under study – from major investment companies willing to participate in developing new lands.