MASCO Group signed contract for Mokattam corniche development in Egypt
Hisham Tawfiq, Minister of Public Business Sector, witnessed the signing of a contract for the development of the Mokattam Corniche, in partnership between El Nasr Housing and Development Company, a subsidiary of the Holding Company for Construction and Development, one of the companies of the Ministry of Public Business Sector, and Scope International Engineering, in the presence of Major General Khaled Abdel Aal, Governor of Cairo. And Zayed Al-Asmari, the Saudi commercial attaché in Cairo. The contract was signed by Eng. Mohamed Abdel-Maqsoud, Managing Director of El-Nasr Housing and Development Company, and Eng. Alaa Khedr, Managing Director of Scope International Engineering, in the presence of Eng. Hisham Abu Al-Atta, Managing Director of the Holding Company for Construction and Development, and Eng. Abdulrahman Al-Swailem, Chairman of the Board of Directors of Scope International.
On the sidelines of signing the partnership contract, the minister explained that the project represents a qualitative leap for the Mokattam area and comes within the framework of the ministry’s strategy to improve the utilization of the assets owned by affiliated companies in partnership with the private sector and maximize the returns achieved from them.
He added that the project will be built on an area of about 2 million square meters in a unique and privileged location overlooking the Giza Pyramids, Salah El-Din Citadel, Fatimid Cairo and the Museum of Civilizations.
The minister pointed out that the project cost is about 32 billion pounds to be pumped by the investor, while the expected revenues are about 61 billion pounds.
The project is divided into two parts, the first is the Mokattam Corniche and the terraces, with an area of 1.3 million meters, and the second plot with an area of 750 thousand meters in the central plateau (an integrated residential compound), and it contains residential, commercial, tourist, educational, sports and other activities.