Local contractor appointed despite low interest from investors
Egypts Ministry of Housing, Utilities and Urban Communities (MHUUD) has appointed local contractor Samcrete for infrastructure and landscaping work on its Zayed Central Park project in Egypt.
The scope of the work includes all infrastructure, utility and landscaping work for the 600,000-square-metre masterplanned community in the Sheikh Zayed area in the Sixth October City, approximately 50 kilometres west of Cairo.
The only other company that submitted a bid for the project was the local Dorra Group.
A spokesperson from MHUUD also told MEED that the ministry is looking for investors to develop the planned residential and mixed use areas. The government is looking for foreign investors and will offer special land rates for those paying in dollars, says the spokesperson.
The masterplanned community is looking to attract up to $400m-worth of investments to build a number of residential and commericial buildings as well as a five-star hotel, a conference centre and two high-rise towers.
Foreign investor interest in Egypt this year has so far been slow as legislative barriers and foreign currency concerns continue to deter foreign companies.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.