Midar Investment and Urban Development Company, in partnership with Mountain View Real Estate Development and Investment Company, has taken a significant step towards transparency and investor confidence. They have opened an Escrow Account with Arab African International Bank. This move marks the implementation of a partnership agreement between Midar and Mountain View for the highly anticipated ALIVA project. ALIVA City is set to redefine urban living in the region and is located in the fourth phase of Future City, East Cairo, covering 638 acres.
The contract signing ceremony took place at Midar’s headquarters. Esteemed industry leaders, including Eng. Ayman El Kousy, the CEO of Midar Investment and Urban Development Company, Eng. Amr Soliman, the Chairman of Mountain View Development and Real Estate Investment Company, Eng. Wael Lotfy, the CEO of Mountain View, and Dr. Amani Samir, the Head of Corporate and Institutional Sector at Arab African International Bank, graced the occasion.
Eng. Ayman El Kousy highlighted the importance of fostering transparency and trust with real estate developers and investors. He emphasized the Escrow Account as a testament to Midar’s commitment to fair and balanced investment policies, ensuring that both Midar and Mountain View receive their respective shares of revenues from the ALIVA project based on the total revenue sharing system.
ALIVA City, situated on a 5,200-acre plot, embodies the latest global approaches to urban development. It features diverse residential, commercial, and administrative units, complemented by integrated educational, medical, entertainment, and hotel facilities. The city hosts financial, business, banking, and service communities, serving as a holistic destination for residents and businesses alike. Strategically located in East Cairo, ALIVA City connects seamlessly with crucial transportation arteries, including the Suez, Middle Ring, Regional Ring Road, and Hope Axis.
Eng. Amr Soliman, Chairman of Mountain View, expressed his confidence in the project’s credibility and the trust bestowed upon Mountain View and Midar by the banking sector. The establishment of the Escrow Account is expected to expedite construction operations for ALIVA City following the remarkable success of the project’s first phase. Within a few days of its announcement, all units of the first phase were sold, generating an astounding EGP 32 billion in sales.
With the opening of the Escrow Account, Midar and Mountain View have taken a significant step forward in realizing the vision of ALIVA City. This progressive development promises to redefine urban living in Cairo and set new benchmarks for transparency, investor confidence, and sustainable community development.
