Sorouh Developments announced the signing of a strategic alliance agreement with RICON Construction and Energy to jointly develop a number of real estate projects with a total investment of EGP 30bn, starting with Entrada and Avenue Mall projects in the New Administrative Capital (NAC) with a total investment of approximately EGP 3bn.
Chairperson of Sorouh Developments Walaa Elmy said that this cooperation achieves business integration between experiences and visions of both companies, noted that market and feasibility studies are currently being completed to expand the development of new projects in different and diverse areas.
Elmy explained that Entrada is a residential development located on roughly 72 feddan in New Capital’s R7 in front of the International Fairgrounds area, and pointed out that the company has started delivering the first phase of the project to customers.
Meanwhile, Avenue Mall project is a commercial, administrative, and medical mall located in the R7. It comprises a variety of services in one place including shops, offices, clinics, restaurants and cafes with various spaces. It also contains various basic and entertainment services on an area of 29,000 sqm.
Chairperson and Managing Director of RICON Construction and Energy Mohamed Abdel Zaher announced the importance of the alliance in light of global economic challenges that affected all sectors in all countries and its role in supporting companies’ plans.
Abdel Zaher elaborated that his company has succeeded in executing real estate projects with various types with high quality using international sustainability specifications. It also owns several companies specialised in the field of real estate development and contracting. In addition to an international consulting office, where the company carries out various projects, including Aster El-Galala, Aster Sheikh Zayed, and Aster El-Maadi.