The New Urban Communities Authority has signed a contract with UDC for Real Estate Development, a subsidiary of the Emirati holding group, Mohammed Omar Bin Haider Group, to allocate a piece of land in the Andalus Gardens area of New Cairo for the establishment of an integrated urban activity.
Dr. Mostafa Madbouly, the Prime Minister, witnessed the signing of the contract on Wednesday at the government headquarters in the New Administrative Capital, along with Dr. Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities.
The agreement was signed by Engineer Amin Ghoneim, Deputy Chairman of the New Urban Communities Authority for Real Estate and Commercial Affairs, and Mohammed Zahid Al-Batarni, CEO of UDC for Real Estate Development.
The “The Crest” project covers an area of 157 acres.
On the sidelines of the signing, the Minister of Housing, Utilities, and Urban Communities explained that under the contract, a piece of land measuring approximately 665,505.63 square meters (about 157 acres) is allocated on the Middle Ring Road, on the South 90th Street in the Andalus Gardens area, adjacent to the Amal Triangle belonging to New Cairo City.
This is in favor of UDC for Real Estate Development, one of the subsidiaries of the Emirati holding group, Mohammed Omar Bin Haider Group, with the aim of establishing an integrated urban activity (residential, administrative, recreational, commercial, and hotel) under the name “The Crest” in cooperation with Al-Kazar Company.
It will be implemented at the highest level, comparable to the company’s projects worldwide, and will be marketed locally and globally, with a project implementation period of 8 years starting from the date of issuance of the planning and division approval.
Payment in foreign currency with total investments exceeding 60 billion Egyptian pounds.
For his part, Mohammed Zahid Al-Batarni stated that the value of the land will be paid in foreign currency, with total investments exceeding 60 billion Egyptian pounds.
He explained that this project will contribute to attracting many companies to work in Egypt, which will provide foreign currency, as well as open up other prospects for young people by providing diverse job opportunities through the utilization of the expertise of major names in the real estate development field in Egypt.
The first nucleus of Mohammed Omar Bin Haider Group’s investments.
The CEO of UDC for Real Estate Development affirmed the company’s commitment to present the general plan of the project and the implementation schedule within a period not exceeding six months from the date of the contract.
He pointed out that the project represents the first nucleus of Mohammed Omar Bin Haider Group’s investments in Egypt, emphasizing that the company looks forward to opening avenues for joint cooperation in other projects, given the government’s support, facilitation, and flexibility in procedures to build modern Egypt, as well as the favorable environment for attracting investment in Egypt.
