Cairo skyscrapers receive final touches

25 February 2003
Work is nearing completion on the tallest building in Egypt, the 147-metre-high twin towers of the Nile City complex, which overlooks Cairo and the Giza plateau from the east bank of the Nile. Besixof Belgium and the local Orascom Construction Industries (OCI)topped off the office towers in September 2001 after two years of construction, pouring more than 150,000 cubic metres of concrete to complete the superstructure. The joint venture, which also built the nearby Conrad International Hotel, is now completing electro-mechanical and finishing works on the complex. Bechtelof the US is the project manager (MEED 22:10:99).

More than half of the 33 floors of office space in the $347 million complex had been sold or leased four months ahead of completion in April 2003. The Nile City complex is 43.7 per cent owned by Orascom for Investment & Development, which has secured some 14,398 square metres of office space for its subsidiaries OCI and Orascom Telecom (OT).

The other main shareholders in the Nile City Investment Company are EFG-Hermesand Eagle Overseasand Gazelle Limited, both offshore vehicles for Gulf investors. Besides Orascom, registered tenants for office space in the complex include MobiNil, which will occupy about a fifth of the 95,434 square metres of available space, Commercial International Investment Company (CIIC)and Egyptian Cement Company.

The towers sit on top of a 150,000-square-metre podium containing retail space and four levels of underground parking for 2,000 cars. A 500-room Hyatt hotel is planned for a later phase of the project.

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