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 Egypts 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.
Maxims 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.
Egypts 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 governments promises to improve living standards and press ahead with major housing, infrastructure and transport schemes.