Sources: A Saudi-Emirati-Egyptian alliance wins a commercial residential project in Cairo with investments of $5 billion

An alliance that includes the UAE’s Al Shafar, the Saudi Egyptian Development Company, and the Egyptian Hassan Allam Holding Company agreed to develop the land of the dissolved National Party, which the Sovereign Fund of Egypt offered to investors, according to two high-ranking sources familiar with the deal.

The sources, who preferred to remain anonymous, added that the initial agreement was made some time ago, and the final contracts are in the process of being signed. One of the sources explained that the total investments of the expected project amount to about 5 billion dollars, and it is a commercial residential project.

According to Al Arabiya, another source said that the sovereign fund of Egypt is in the process of offering new buildings in the downtown area to investors after annexing a number of assets to it, within the framework of a plan that the fund gives priority to, which includes developing the downtown area and turning it into a center for emerging companies.

The project expected to be launched on the National Party’s land – an area of about 16.5 thousand square meters – is divided into a commercial and residential project, with the coalition that wins the rights to develop the land investing by entering into the capital of Nilos Hotel Services and Nilos Residential Services.

Nilos Hotel Services Company will construct a hotel, commercial and administrative tower consisting of 75 floors on an area of up to 3.95 acres, while Nilos Residential Services Company will construct a residential tower consisting of 446 luxury residential units distributed over 50 floors, provided that the two companies finish implementing the project. It is scheduled to be launched in 3 phases by the end of the second quarter of 2028.

The Official Gazette published that Nilos Hotel Services and Nilos Residential Services obtained the golden license so that the companies can establish, operate and manage the project, including building licenses, provided that the companies are committed to implementing the project according to the established timetable.

Al Shafar General Contracting Group was established in the United Arab Emirates in 1989, and provides comprehensive general contracting solutions for major sectors including residential, commercial, healthcare, industrial, hospitality, entertainment, infrastructure, and oil and gas projects, according to its website.