Qatari Diar announced the start of implementation of the first phase of the City Gate project at a value of EGP 1bn in a ceremony held at the project site in New Cairo.
The ceremony was attended by Ambassador of Qatar to Egypt Salem Mubarak Al Shafi, Egypt’s Deputy Minister of Housing for National Projects, CEO of Qatari Diar Real Estate Investment Company Abdullah bin Hamad Al-Attiyah, and Director of the Development and Projects Department in Egypt, Sudan and Eritrea at Qatari Diar Hamad bin Talal Al Thani.
On the sidelines of the ceremony, Qatari Diar signed with the International Consolidated Contractors Company (CCC) as the main contractor contract for the implementation of CityGate’s first phase.
Abbas said: “We are delighted to sign the contract and to begin the implementation of the first phase of the CityGate project, which is a great addition to its location next to the Administrative Capital. We will support the project and overcome any obstacles it faces, in collaboration with Qatari Diar; certainly, considered one of the largest and most distinguished companies.”
Al-Attiyah said: “CityGate project is expected to provide nearly 200,000 job opportunities during the period of its implementation, and Qatari Diar is in the process of announcing its development and investment plans and strategic partnerships on all of its owned lands in Egypt before the end of the year.”
The company’s investments in the Egyptian market exceed $3bn, distributed over several projects on an area of more than 40 million square meters, in the fields of tourism, residential and mixed units. This project will represent one of the great additions to the company’s investments in Egypt, as its value after will reach about $12bn, in addition to the rest of the development and investment plans that will be announced successively.
For his part, Hamad bin Talal Al Thani said: “We are pleased to witness today the start of the first phase of the massive CityGate project. What distinguishes this project is that it is located on a large area of 5.8 million square metres, and provides 200,000 jobs.”
CityGate is strategically located between New Cairo and the New Administrative Capital. It is a self-sustaining city with an integrated mixed-use community. This project covers an area of 8,500,000 square meters and will encompass 24,500 residential units; villas and apartments of various sizes, which will overlook an 18-hole golf course, green spaces, and parks.
CityGate will provide various luxury amenities including community centres in all neighbourhoods, schools, international hotels, a sports club, a 720,000 square meter business park, a medical complex and 300,000 square meters of entertainment and retail space, all of which will be planned and executed according to world-class specifications.
The first phase of the CityGate project includes constructing 430 units, and the works covered by the new contract include the construction and completion of all villas, to be delivered within 24 months.