The agreement includes the construction of three residential and commercial towers and a five-star hotel in an area overlooking Warraq Island, north of downtown Cairo.
Safwat El-Qalyoubi Group signedEgyptianUAE investment firm KSH has signed a deal worth 24 billion Egyptian pounds ($500 million) to develop a real estate project on the Nile River in Cairo, Egypt’s state news agency MENA reported.
The agreement includes the construction of three residential and commercial towers and a five-star hotel in an area overlooking Warraq Island, north of the center of the capital, on an area of ​​20,000 square meters.
The holding company has signed (ADQ), an Abu Dhabi-based sovereign wealth fund, struck a landmark $35 billion deal in February to develop the Ras El Hekma area on Egypt’s north coast, among other projects.
These investments have eased a severe shortage of foreign exchange caused by an economic crisis that has also caused a sharp decline in the value of the Egyptian currency and high inflation.
