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Initial phase to cost $16mln
Egyptian real estate developer Midar laid the foundation stone for MERCATO, its 22-acre commercial zone in Mostaqbal City.
MIDAR is the master developer of the 11,000-acre master development located in east Cairo.
Ayman Al-Qusi, Managing Director and CEO of Midar said MERCATO would be developed at an initial investment of 500 million Egyptian pounds ($16 million), which is expected to increase to EGP1 billion ($32 million) in the next phases.
In the initial phase, MERCATO will include a mosque, a police station, a fire station, a market, a mass transit station, a celebration hall, and a food and beverage area, he said.
MIDAR also announced the start of operations of 16-acre VIBES project, located in the first phase of Mostaqbal City, and the launch of WAYZ, which will manage the City’s transport system, including internal and external connectivity.
Mostaqbal City’s first phase spans an area of 5,200 acres and includes 500 acres of green spaces. It comprises, in various stages of development, 16 residential projects, five educational projects, two mixed-use offerings comprising a retail, office and hospitality project, and a residential, retail and office project; a mall, four fuel stations, and two office projects.
(1 US Dollar = 30.95 Egyptian Pounds) |
