Redcon Construction negotiating for 3 flagships in Egypt’s new capital this year

17 Apr 2018

Egypt’s Redcon Construction says it is currently negotiating with the state’s New Administrative Capital Company for Urban Development to carry out three new projects in the new capital city within 2018.

These projects will include implementing a number of government (ministerial) and administrative buildings, said Redcon’s chief executive Hossam Nassar on Monday.

“Redcon is currently executing various works worth around 250 million Egyptian pounds ($14.2 million) in the new capital and a giant share of mega residential and touristic projects in Cairo and other governorates,” Nassar further added.

At the end of 2017, he said that his company has signed contracts to establish four real estate projects, including villas and residential buildings in New Cairo, North Coast, and Hurghada, at a cost estimated at one billion pounds.

Nassar referred that the four projects are set to be executed in favour of Egypt’s Hyde Park Properties for Development (HPD), Tabarak Holding, and Citystars Properties as well as Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties.

Located some 40km (24.8 miles) to the east of Cairo, the under-construction new capital city is part of Egyptian government’s scheme to expand urban areas to deal with the country's rapid population growth and improve the nation's infrastructure.

The new city will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.

amwalalghad

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