Tarek Bahaa, CEO of Menassat Developments, has announced obtaining initial approval from the Administrative Capital for Urban Development (ACUD) for the designs of Podia Tower. It is the first energy-saving commercial, administrative, and medical tower in the New Administrative Capital, with an investment worth around EGP 2.5bn.
Podia Tower is one of the tallest commercial, administrative, and medical towers at Downtown New Capital (Touristic District), occupying a total area of 19,782 sqm and encompassing 25 floors, 3 basements, and a ground floor.
Bahaa highlighted that Menassat also obtained a civil defense report and a statement of validity, which confirms its compliance with the safety standards, construction codes, and technical specifications set by ACUD. Menassat submitted the designs and extracted the insurance policy for construction, confirming that the construction will start by the first quarter of 2022.
“Menassat believes in the importance of specialization, therefore, he company took on multiple strategic partnerships with major companies working in the field of contracting, facility management, and financial consultancy. Menassat signed an agreement contract with Pinnacle, Podia Tower’s engineering designer, and the same company that designed the New Alamein Towers. Pinnacle has over 30 years of experience in international engineering consultancy. We also signed a strategic partnership with Sabbour Consulting, one of the leading multidisciplinary consultancy firms in the Middle East for the past 65 years. Sabbour Consulting will be supervising the implementation of the 25-floor Podia project,” said Bahaa.
“In addition, we signed a contract with the UAE-based Eltizam Asset Management Group, a technology-driven asset management group utilizing and developing the latest technologies, to manage the assets of the Podia project,” he added. “Our most recent partnership was with Baker Tilly, a leading advisory, tax, and assurance firm in Egypt.”