Saudi-Egyptian consortium to build $3.6 bln residential project

28/05/2016 Argaam

Saudi Arabia’s Sisban Holding and Egyptian Mountain View will build a $3.6 billion residential project in New Cairo, Mountain View-Sisban said in a joint statement. 


The project, called Mountain View iCity, will be one of the first in Egypt to be built under a public-private-partnership (PPP). 


Mountain View-Sisban will own a 60 percent stake in the development, while the Egyptian Ministry of Housing will hold the remaining 40 percent.  


The agreement was signed at the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh on March 2015, the statement added.


Egypt’s housing ministry was earlier said to have inked a memorandum of understanding (MoU) with Mountain View and Sisban Holding to launch two real estate projects, according to Egyptian media reports. 


The first project will be in New Cairo on an area of 500 acres with investments of $3 billion. The second oe will be located in 6th of October City on 470 acres at an estimated cost of $2.7 billion. 


Jeddah-based Sisban is a leading Saudi investment and development company with several partnerships in the kingdom and overseas. 

 

 

 

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.