Egypt’s Administrative Capital for Urban Development (ACUD) has signed a memorandum of understanding (MoU) with the Alliance Worldwide Consortium (AWWC) to develop the Diamond City project.
The project, which will take place under a partnership system, is in line with the Egyptian state’s keenness to encourage foreign direct investment (FDI), and create sustainable local job opportunities.
Spanning over 600 feddan, the project is situated on a privileged location in the New Administrative Capital (NAC), near to the city’s main routes. The project, which will see EGP 100bn in investments over seven years, also directly overlooks the Green River and near the diplomatic and downtown areas.
The AWWC is considered one of the largest European alliances and includes a large group of leading international companies in various fields. It is represented in Egypt by its local partner, Smart Construction Company (SCC), and is set to establish the Diamond City project in the NAC.
Sabbour Consulting was chosen to carry out all engineering consultations for the Diamond City development, and promises to provide unique, innovative concepts of buildings worthy of Egypt’s new capital.
ACUD Chairperson Ahmed Zaki Abdeen told Daily News Egypt that the project will be an integrated mixed-use project comprises all residential and services activities. He also revealed that the ACUD will hold a 55% share in the project, against the AWWC’s 45%.
Abdeen added that the company has paid a 10% down-payment on the project, estimated at EGP 1.6m.
The agreement was also confirmed that the alliance will finance the whole project from outside Egypt, without imposing any financing burdens on the ACUD or Egypt’s state budgets, he elaborated.
The AWWC confirmed its intention to expand in the Egyptian market through developing new projects in promising areas namely Cairo, New Alamein, and other cities.