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.
