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Details revealed of latest CCC CityGate New Cairo contract for Opal and Garnet communities
Qatari Diar Real Estate Investment Company has signed a contract with Consolidated Contractors Company (CCC) for a phase within its CityGate New Cairo project, marking an addition to the CCC CityGate New Cairo contract repertoire.
Bawabat Al-Sharq New Cairo Real Estate Investment, a company under Qatari Diar Egypt, awarded the construction contract for Opal 3D-A and Garnet 3D-B.
The phases represent a combined investment of $57 million (EGP1.75 billion).
Qatari Diar is owned by Qatar Investment Authority (QIA). CCC is an Athens-based regional contracting company and was contractor for the project’s 430-unit phase 1 as well.
The new CCC CityGate New Cairo contract covers the 357,125m2 new phase and comprises of 422 residential units including villas, quattros and twin houses, according to reports.
The $12 billion CityGate New Cairo spans an area of 8.5 million sqm and will have a total built up area of 6.8 million sqm when complete.
It will include 24,500 residential units, an 18-hole golf course, community centres, schools, international hotels, a sports club, a 720,000 sqm business park, a medical complex and 300,000 sqm of entertainment and retail space.
Qatari Diar has a land bank of more than 40 million sqm in Egypt.
CCC CityGate New Cairo contract: reactions
Commenting on the CCC CityGate New Cairo deal, Eng. Abdullah bin Hamad Al-Attiyah, CEO of Qatari Diar Real Estate Investment Company, said: “Implementing the new phase of CityGate New Cairo marks an important milestone for Qatari Diar in Egypt as the project will value over $12 billion once completed.
“Today, we are pleased to announce that our valued partner CCC will be administrating the new phase of CityGate New Cairo, in the wake of their notable success in the project’s first phase.
“With over EGP1.75 billion, the new phase of CityGate New Cairo comes in line with our strategy in the Egyptian market.
“We focus on implementing large-scale projects with the highest international standards while integrating them with a green and sustainable approach to support the Egyptian economy as well as the real estate sector.
“On the other hand, our projects consistently contribute to local job market with numerous job opportunities throughout the construction phases and after they’re completed,” Al-Attiyah added.
Eng. Jamal Bahlawan, CEO of CCC, said: “It is with great pleasure that we continue our successful partnership with Qatari Diar in Egypt and across the Arab world with the construction of the new phase.
“As the main contractor of the first phase of CityGate New Cairo, encompassing the construction of 430 units, we are committed to deliver the highest quality in line with what we have priorly achieved.”
Sheikh Hamad Bin Talal Al Thani, chief development and project delivery officer (Asia and Africa) at Qatari Diar, said: “The new phase of CityGate New Cairo extends over 357,125 square metres and comprises the construction of 422 residential units of various villas, quattros and twin houses.
“The project also creates over 2500 job opportunities, which endorses our strategy by establishing an enduringly positive impact on the Egyptian job market as well as the economy.”
Eng. Mohamed Tarek, CCC area managing director for North Africa, said the contractor is implementing projects in the Egyptian market worth $1.8 billion with a total of 25 contracts.
CCC aims to reach contracts of $3 billion within a year, he added.
New Cairo: background
New Cairo is located about 30 minutes away from Cairo International Airport. It spans about 29,000 hectares and is planned to have 69,764 residential units. Of these, 34,034 are planned to be implemented by Egypt’s New Urban Communities Authority (NUCA), and the remaining 35,730 to be developed by private sector companies.
NUCA plans to develop 138 service buildings at New Cairo, including:
28 educational buildings
12 hospitals and health units, and commercial buildings, each
10 social buildings
8 communications centres
7 sports centres and bakeries each
4 mosques and public service buildings, each
NUCA also plans to develop 4,290 tombs as part of its New City programme. |
