Egyptian-Emirati partnership to develop $500 project overlooking Warraq Island

Daily News Egypt
2 Min Read

KSH Investment Group, affiliated with the Private Department of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan (Crown Prince of Abu Dhabi), and Safwat Kaliouby Group (SKG), owned by Egyptian businessman Safwat Kaliouby, have signed a strategic partnership agreement to develop a project overlooking Warraq Island with a total investment of $500m.

The project will be situated in the Tanash area of Cairo, covering an area of 20,000 square meters. The development cost is EGP 24bn, equivalent to $500m.. It includes the construction of three high-rise residential and commercial towers, along with a five-star hotel. Completion of the project is expected within four years.

Abdul Jalil Abdurrahman Al-Balouki, Managing Director of the Private Department of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, emphasized that this project reflects the private office’s commitment to investing in strategic initiatives that enhance economic growth and create job opportunities.

Ahmed Mansour, CEO of the Private Department of Sheikh Mohammed bin Khalid Al Nahyan, highlighted that cooperation with the Egyptian SKG Group will contribute to achieving a shared vision for sustainable development, including other projects in Cairo, Sheikh Zayed City, the North Coast, and beyond.

Egyptian businessman Safwat Kaliouby, Chairperson of SKG Group, emphasized that this project represents a significant step in enhancing cooperation between Egypt and the UAE in the real estate sector. The project aims to introduce a new concept of modern living by providing integrated residential and commercial units, along with a luxury hotel catering to both local and international visitors.

Kaliouby further explained that the project’s infrastructure enhancements in the Tanash area will contribute to improving the quality of life for residents and the surrounding community.

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