Smart Villages negotiates with 4 investors to build hotel with EGP500mln investments

Smart Villages Development & Management Company is negotiating with four Arab and foreign investors  to launch a  business hotel in the smart village with total investments worth 400-500 million Egyptian pounds, its CEO Ahmad Touni said.

Al-Touni told Amwal al-Ghad” that the smart villages will contribute to the investments by its share in the land, expecting to be allocated by the Ministry of Communications and Information Technology as the mediator between the government and smart villages during the first quarter of this year.

He added that the project is expected to be finished within three years.

The Smart Village is expected to become the focal point for over 500 corporations that would host over than 100,000 employees conducting their business from 100 operational buildings as it reaches its completion.

It does not lack anything except the presence of a comfortable & safe accommodation to serve all employees and visitors for long periods or terminate short missions for expatriates and foreigners knowing that the current number of employees is 50,000 in addition to more than 15,000 daily visitors.

Stretching over 700 acres of greenery and state-of-the-art buildings, Smart Villages Development and Management Company was founded in 2001 — a Public-Private Partnership (PPP). It was designed to be Egypt’s hub for technology and telecommunication entities from all over the world.

Smart Village West encompasses 72 buildings, populated by approximately 50,000 employees who work for governmental bodies, multinational corporations, telecommunication-affiliated services, technical support and incubation centers, real estate developers, financial services and banks headquarters.