Plans for a $3.6 billion residential project in Egypt backed by Saudi Arabian developer Sisban Holding and the Egyptian Ministry of Housing were unveiled on Tuesday.
Mountain View I-City comprises 2 sq km of residential units and will create more than 200,000 jobs, the developer consortium Mountain View-Sisban announced.
The project follows four preliminary deals totalling $12.7 billion that Egypt signed with Arab real estate developers last March.
Reuters reported at the time that the housing ministry had signed memoranda of understanding (MoUs) with Egypt’s Mountain View and Saudi Arabia’s Sisban Holdings for two real estate projects.
Under the deal, 500 acres (202 hectares) of land in New Cairo was to be developed at a cost of around $3 billion – the I-City scheme now announced – and 470 acres in 6th of October City, Giza, at a cost of $2.7 billion.
Egypt faces a persistent housing shortage, with population growth outstripping supply of affordable residential units.
The other two agreements last March were with Egypt’s second-largest listed developer Palm Hills for a third project and a consortium of Arab firms for the fourth.
that Mostafa Madbouly, Egypt’s minister of housing, utilities and urban communities said this week the iCity project in Al Qahera Al Gadida would be the first in Egypt to be built under a public-private-partnership, according to Saudi media.
Under the arrangement, delivery vehicle Mountain View-Sisban is to own 60 percent of the scheme and Egypt’s Ministry of Housing the rest.
The project will reportedly include pioneering sustainability technology to create new villa concepts called I-Villas.
The apartments, sized from 100 sq m to 500 sq m, have been designed to resemble villas. Each unit will have its entrance, green space and parking.
Ali Al Sharif, president of Sisban Holding, said: “We are confident that Egypt is a promising market with huge potential for investment.”
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