Three property projects announced in Egypt

16 March 2015

Housing Ministry signs agreements totalling $12bn

  • Housing Ministry signs three MoUs
  • Total cost of projects estimated at $12bn
  • Minister confirms profit-sharing scheme instead of explicit land sales

At a press conference held on the sidelines of the Egypt Economic Development Conference in Sharm el-Sheikh on 15 March, Housing Minister Mostafa Madbouli signed memorandums of understanding (MoUs) with local and Saudi developers for three major mixed-use and residential projects on the outskirts of Cairo.

The first agreement involves a scheme proposed by a consortium of local developer Mountain View and Saudi Arabia’s Sisban Holding. Details of the project were not revealed, but Madbouli said it will be a major residential project costing $3bn and situated in 6th October city.

The second agreement signed with the minister is for a $3bn residential project in New Cairo proposed by local developer Palm Hills.

The final MoU was signed with the local United Arab Company for a major mixed-use development on the outskirts of Giza near the Pyramids area, called Shams City. The 300,000-square-metre scheme will include residential areas, two hotels, a museum, a theme park and retail amenities.

Madbouli also revealed that the ministry will form partnerships of profit-sharing regarding land sales rather than “explicitly selling land to developers”.

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