Misr Italia to implement two projects worth $1.36bln in Egypt

09 Apr 2018

$1.25-bln Bosco project in New Administrative Capital; $110-mln Kai North Coast project in Ras El-Hikma

Egyptian property developer Misr Italia will implement two projects worth 24 billion Egyptian pounds ($1.36 billion) in the country this year, a top company official has said.

Work on the mixed-use Bosco project in the New Administrative Capital and the Kai North Coast hospitality project in Ras El-Hikma area will start this year, company chairman Hany El-Assal told Thomson Reuters Projects.

The 22 billion pounds ($1.25 billion) Bosco project will span an area of 310 acres and include apartments and villas, a mall, an international school, a theatre and sport complexes, said El-Assal.

He said the company is awaiting clearance from the housing ministry for the project, which is scheduled for completion in four years.

The project’s main highlight will be 10 eco-friendly towers surrounded by trees that would save energy by doing away with the need for air-conditioning.

The 2 billion pounds ($110 million) Kai North Coast project comprises a 200-room five-star hotel, 50 chalets and villas, a club house and a mall.

The project will take three years to complete, he said, adding that the company is in the process of finalising procedures and licenses to start work.

The hotel would be managed by Hilton Worldwide, El-Assal said.

Misr Italia started construction of its 1 billion pounds ($57 million) Kai Sukhna project in Ain Sukhna in February 2018. The development, which includes a 160-room hotel to be managed by Hilton Worldwide, and 30 chalets, is scheduled to be completed in 2021.

Misr Italia was established in 1981 and is a developer of residential and hospitality projects in Egypt.

[1US Dollar = 17.69 Egyptian pounds]

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