Egyptian developer Amaar Group and the Saudi-based Al-Saddaf Real Estate Company are set to co-develop a mall project in Egypts 6 October City area.
The two companies are set to start work on the 8,870 square metre project by the end of the year, an Amaar Group spokesperson told MEED. The main construction contract is set to be awarded within two months.
The spokesperson also said that Amaar Group is currently in negotiations with the Saudi developer for future projects in Cairo.
Earlier this month, MEED reported that Saudi Arabias Prince Alwaleed bin Talal plans to invest approximately $800m in Egypts hospitality sector.
The planned investment will entail the development of hotels in several locations, including in Sharm el-Sheikh and in the town of El-Alamein on the Mediterranean coast and in Madinaty located east of capital Cairo.
The investment would include expanding the Four Seasons Resort in Sharm el-Sheikh in the southern Sinai region and transforming it into the biggest hotel resort in the world.