Egyptian firm Alexandria Company for Investments and Urban Development has appointed a main contractor for work on the first phase of its mixed-used project in the Mediterranean city of Alexandria.
The local Al-Nasr Contracting Company will build the first phase of the Smouha Grand View Project, according to a company spokesperson who also told MEED that work on the site has already started.
The work is understood to involve the construction of 13 residential buildings at a cost of approximately $110m.
When completed, the entire project will also include a five-star hotel as well as a shopping mall. The developer previously released a statement saying that the 21,000 square metre project will be completed by 2022.
The Egyptian government also recently signed a deal with Agence France Development (AFD) and European Investment Bank (EIB) to finance 78 per cent of the 360m ($400m) budget required for the rehabilitation of the Raml tramway in Alexandria.
AFD will supply 100m while EIB will supply 180m, according to the Egyptian investment ministry.
The Egyptian government is expected to raise the remaining funding required.
The client, Egypts National Authority for Tunnels (NAT), has already undertaken the initial step for the project. It invited firms to submit prequalification documents by 30 May for the projects consultancy contract.
The tram network meant for rehabilitation is about 13.7 kilometres long and extends from the Victoria station to the Raml station and then on to Manshya square. There are 28 stations.
The tramway began operating in the1860s and is the second-oldest in the world.