Egypt: construction of Almaza City Centre kicks off
The construction of Almaza city centre in Egypt has kicked off at a cost of US$5OOm. The project is being spearheaded by the Emirati Majid Al Futtaim Group (MAF).
During the launch the minster of Investment Ashraf Salman said the launch of the city centre was initially planned to kick off in 2019.
“The government is depending on the private sector of Egypt to drive Gross Domestic Product (GDP) growth to 5.5%,” he added.
He explained that the government intended to achieve through the pumping of EGP325bn in investments by the private sector in the current fiscal year, while the government will pump EGP75bn, to achieve the targeted EGP400bn in investments.
MAF Egypt Director, Abdullah Nockrachy, revealed that MAF has so far invested EGP800m of their equity in the construction of Almaza city Centre rather than from banking loans, adding that EGP500m are for the infrastructure works.
Almaza city Centre is considered to be MAF’s third City Centre project in Egypt, and its 14th worldwide.