Egyptian developer proposes mixed-use scheme

19 June 2016

Maxim Investment Group is seeking to develop project as part of the New Capital City

Egyptian developer Maxim Investment Group has submitted a request to build an integrated community in Egypt’s proposed New Capital City.

According to a company executive who was quoted in local media, the firm is looking to develop a small city within the New Capital City, east of Cairo, across an area of approximately 1.2 million square metres.

Maxim’s investments in Egypt have increased by $1.4bn with almost $100m being invested in the north coast area within the first five months of this year, according to a company statement.

Earlier this year, the local Hassan Allam Construction started work on infrastructure for the first phase of the New Capital City. The company was appointed as part of a joint venture with the local Orascom Construction to carry out water, sewerage, electrical and road infrastructure works spanning across an area of 3 million square metres of the city. 

In March, MEED reported that Hassan Allam had started work on $783m-worth of schemes in the New Capital City.

The engineering, procurement and construction (EPC) contracts were directly negotiated with the Ministry of Housing, Utilities & Urban Development.

It is understood the local firm is working on 60 kilometres of roads, a 500-room hotel and a 20,000-seat conference hall.

Egypt’s New Capital City project, which was announced during the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh in March 2015, has been central to the government’s promises to improve living standards and press ahead with major housing, infrastructure and transport schemes.

 

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