By: Abdullah Bedeir
Cairo – Mubasher: Al Ahly Sabbour Development signed a partnership agreement with the Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA) to build a residential project in 6th of October City.
The project, which will cover an area of 144 feddans, has an investment cost of EGP 5 billion, the company’s chairman Ahmed Sabbour said during a press conference on Sunday.
Set to be delivered by the second half of 2023, the development will feature 1,138 residential units, a 280-room hotel, and a commercial area, Sabbour added.
The project will be 59.5% owned by Al Ahly Sabbour Development, while the remaining 40.5% will be owned by NUCA.
The National Bank of Egypt (NBE) will act as the account manager of the project by providing banking services.
