Al Ahly Sabbour announced on Sunday that it signed a new strategic partnership with The MARQ Communities, for the development of 260 feddan of the total area of the City of Odyssia.
Al Ahly Sabbour is the largest developer in Mostakbal City with three mega projects occupying over 708 feddan, namely the City of Odyssia (+528 feddan), Green Square (80 feddan), and L’Avenir (+100 feddan).
The new partnership aims to offer diversified product offerings and accelerate the construction process of the City of Odyssia, the largest and most integrated urban community spanning over 528 acres in the heart of Mostakbal City, with total investments of EGP 29bn. The project is co-developed with Al Mostakbal Urban Development, and is projected to reshape the future of the whole area, because of its prime location in front of the Canadian University, connecting Mostakbal City with New Cairo and the 5 minutes from New Administrative Capital.
Speaking of the new partnership, Ahmed Sabbour, Chairperson and Managing Director Al Ahly Sabbour, said that the local real estate market is experiencing rapid developments and fierce competition among different players. These new updates encouraged us to think out of the box, by adopting different visions to achieve our strategic goals, and enter into strategic partnerships with our success partners, who are expected to create new values for our projects, while empowering us to achieve excellence and market leadership.
The new partnership aligns with the latest global, regional and local market updates, and leaning towards mergers and partnerships to accelerate construction and execution pace, particularly in mega projects, Sabbour added.
He further noted that a CBD area will be developed by The MarQ Communities. It is a commercial, entertainment and office area aiming to provide residents and visitors with services not limited to the City of Odyssia, as it will serve Mostakbal City and New Administrative Capital as well.