UAE developer to build $500M project in Egypt

KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo, Report informs via Arabian Gulf Business Insight.

The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news agency reported.

The project will cover an area of 20,000 sq m. A construction timeline was not given.

KSH Investment is an affiliate of the Private Department of Sheikh Mohamed bin Khalid Al Nahyan, a company owned by Abu Dhabi’s ruling family members, the report said.

Egypt in February signed a deal with the UAE’s ADQ to build the “largest new city” in Egypt to promote tourism and drive economic growth.

Negotiations for a similar deal with Saudi Arabia to develop Ras Gamila, an undeveloped coastal area near the resort of Sharm el-Sheikh, are still in the early stages.

Cairo-based Talaat Moustafa Group announced this month plans to invest $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe.