Abu Dhabi Municipality and Dubai-based developer Emaar's Egyptian subsidiary agreed on Wednesday to develop a 2.2 million sqm site in Cairo for low-income families to be called Sheikh Khalifa bin Zayed Residential City, official news agency WAM reported.
Emaar Misr will manage the $100 million project development and also undertake the management of the City after completion, WAM said.
The agreement was signed in Abu Dhabi, by Juma Mubarak Al-Junaibi, General Manager, Abu Dhabi Municipality, and Mohamed Ali Alabbar, Chairman, Emaar Properties.
According to the agreement, Emaar Misr, under the supervision of Abu Dhabi Municipality, will manage the project on land provided by the Egyptian Government on the Cairo-Suez Road and will find appropriate strategies to service the City in the long run.
Commenting on the project, Al-Junaibi said: "The grant of $100 million by His Highness Sheikh Khalifa to construct this social project highlights the strong relations and co-operation that exists between the UAE and Egypt and the wise leadership of the two countries to work towards socio-economic growth."
Al-Junaibi said that the 2.2 million sqm project will provide housing and hope for the youth population of Egypt.
"With homes of 70 to 90 sqm being planned, the City can have the largest possible number of residential units in the given area," he said.
The project will also create employment, he added.
Sheikh Khalifa Bin Zayed City is being developed in association with the Egyptian Ministry of Housing, Utilities and Urban Development, which will allot the appropriate land for the project and provide necessary approvals needed to develop the project.
Sheikh Khalifa Bin Zayed City is envisaged as a fully integrated development featuring modern infrastructure including roads, power and telecom connectivity, healthcare centres, educational institutes, retail outlets, places of worship and community centres, WAM said.
The architecture will be to international standards, and superior infrastructure support will be ensured as well as world-class management practices following completion, it added.
Abu Dhabi Municipality received in August the allotted land for Sheikh Khalifa Bin Zayed City in New Cairo on the Cairo-Suez Road, next to Al-Rehab City to commence the first phase of design after the Egyptian authorities finalise the leveling of the land.
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