UAE and Egypt plan to build half billion dollar complex in Cairo

By Alimat Aliyeva

The Egyptian development group Safwat al-Qalioubi and the investment company KSH from the UAE signed an agreement worth about 24 billion Egyptian pounds (approximately 500 million dollars) on the construction and development of a complex of residential and commercial buildings in the northern part of the Egyptian capital Cairo, Azernews reports.

"A new joint real estate project will be implemented in the Tanash district, located on the banks of the Nile River in the northern part of Cairo," the message reads.

According to the information, three skyscrapers and a five-star hotel are planned to be built on an area of 20,000 square meters, which will be completed in four years.

It should be noted that on February 23, Egypt and the UAE signed an investment agreement worth $ 35 billion on the construction of the Ras al-Hikma resort on the Mediterranean coast, where it is planned to build hotels, entertainment areas and specialized business districts, as well as an international airport. According to the Egyptian government, the resort will attract at least 8 million tourists to the country.