Egypt, UAE ink USD500M real estate development agreement in Cairo
Date
7/10/2024 4:03:09 AM
(MENAFN) The Egyptian news agency recently reported that the Safwat El-Qalyoubi Group has entered into a significant partnership with the UAE's KSH investment Company to embark on a substantial Real estate development venture in Cairo. Valued at 24 billion Egyptian pounds (approximately USD 500 million), this ambitious project is set along the banks of the Nile River. The agreement outlines plans for constructing three towering complexes that will blend residential and commercial spaces, complemented by the addition of a luxurious five-star hotel. Spanning an expansive 20,000-square-meter plot, the development promises stunning views overlooking Warraq Island, strategically located north of Cairo's bustling city center.
The UAE continues to assert its prominence as a pivotal investor from the Gulf region in Egypt, underscoring the robust economic ties between both nations. Earlier this year, in a testament to this bilateral economic partnership, Abu Dhabi's sovereign wealth fund, ADQ, finalized a landmark USD 35 billion deal aimed at transforming the Ras El Hekma area on Egypt's northern coast, alongside several other ambitious projects. These substantial investments have proven instrumental in alleviating economic pressures in Egypt, which has been grappling with acute foreign currency shortages exacerbated by an ongoing economic crisis. This crisis has also precipitated a significant depreciation of the Egyptian pound and a sharp rise in inflation rates.
These monumental agreements not only signify the UAE's steadfast commitment to bolstering Egypt's economic landscape but also underscore a strategic partnership aimed at fostering sustainable growth and development. The influx of substantial investments into key sectors like real estate highlights a shared vision for economic prosperity and regional stability, cementing a resilient foundation for future collaborations between Egypt and the UAE.
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