ALBAWABA – According to Reuters, a new real estate development project will be established in Cairo, in Tanash district. The project will feature 3 commercial and residential towers and a five-star hotel.
Egyptian SKG and Emirati KSH real estate deal
Safwat Kaliouby Group (SKG) and the Emirati KSH Investment Company signed a 24 billion Egyptian pounds deal ($500 million) on Tuesday as reported by the Egyptian state news agency MENA.
The agreement involves real estate development of 3 commercial and residential towers and a five-star hotel in the district of “Tanash”, overlooking Al Warraq Island, north Cairo.
Egypt and UAE sign a new $500 million real estate project (Shutterstock)
The project will be implemented on an area of 20 thousand square meters and is expected to be completed within four years, according to Reuters.
The agreement between Safwat Kaliouby Group (SKG) and the Emirati KSH Investment Company was signed by Abd Al-Jalil Abd Al-Rahman Al-Bluki; Managing Director of the Private Department of Sheikh Mohammed bin Khalid Al Nahyan and KSH Investments Company.
Al-Bluki stressed KSH's commitment to supporting and investing in growth and strategic projects that aim for economic growth and create diverse job opportunities.
According to Safwat Kaliouby; Chairman of the Board of Directors, SKG group, this project marks an important real estate collaboration between Egypt and United Arab Emirates. The project will facilitate the creation of residential and commercial towers as well as a five-star hotel to serve both local and international visitors of the country.
It is worth mentioning that the UAE is one of the top Gulf countries that possess many investments and projects in Egypt. These investments are constantly helping to overcome the economic crisis in Egypt.
