(MENAFN- The Peninsula)
QNA Cairo: Qatari Diar Real Estate Investment Company announced on Monday the start of implementation of the first phase of the CityGate project in Egypt at a value of 1bn Egyptian pounds.
The start of implementation was announced in a ceremony held at the project site in New Cairo, which is located 30 km southeast of Cairo and 30 minutes from Cairo International Airport, in the presence of Ambassador of the State of Qatar to Egypt H E Salem Mubarak Al Shafi, Egypt's Deputy Minister of Housing for National Projects Eng. Khaled Abbas, CEO of Qatari Diar Eng. Abdullah bin Hamad Al Attiyah, H E Director of Development and Projects Department in Egypt, Sudan and Eritrea at Qatari Diar Sheikh Hamad bin Talal Al-Thani, and a number of dignitaries.
The event saw the signing ceremony of a contract between Bawabat Al-Sharq New Cairo Real Estate Investment, one of the Qatari Diar companies in Egypt, and the Consolidated Contractors Company (CCC) to implement the first phase of the project.
In a speech on the occasion, Egypt's Deputy Minister of Housing for National Projects Eng. Khaled Abbas expressed pleasure with signing the contract and laying the foundation stone for the first phase of the CityGate project, looking forward to start the second and third phases of the project soon.
He expressed pride in the achievement that took place in the area around the project, noting that the CityGate site has become more distinguished than before, expressing the hope that the pace of implementation of the phases will accelerate so the project is attached to the Administrative Capital.
He pledged to support the project and overcome any obstacles it faces, noting that Qatari Diar is one of the largest and most distinguished companies.
For his part, CEO of Qatari Diar Eng. Abdullah bin Hamad Al Attiyah stressed the company's commitment to contributing to advancing the local economy and developing the labor market, and its interest in the social dimension has appeared in all of its projects since it entered the Egyptian market in 2006.
He noted that the project implemented by Qatari Diar provided a large number of job opportunities in the local community, whether during the implementation stages or the operating stages.
He added that CityGate is expected to provides nearly 200,000 job opportunities in the local labor market during the period of its implementation, in addition to the job opportunities that it will provide after the implementation of the project.
He explained that Qatari Diar is in the process of announcing its development and investment plans and strategic partnerships on all of its owned lands in Egypt before the end of the year, noting that the company's investments in the Egyptian market exceeded $3bn, distributed over a number of projects that cover an area of 40 million square meters.
He added that CityGate project represents one of the great additions to the company's investments in Egypt, as its value will reach about $12bn, in addition to the rest of the development plans.
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