The Egyptian Kuwaiti Real Estate Development Company has signed a partnership agreement with Grova West, a subsidiary of Hassan Allam Holding, to jointly develop a 295-feddan land parcel in the eastern expansion area of 6th of October City, west Cairo. The project is expected to attract investments exceeding EGP 270bn.
The agreement forms part of the Egyptian Kuwaiti Real Estate Development Company’s strategy under its new executive management to accelerate the development of its land portfolio and deliver high-quality projects that create tangible value for Egypt’s real estate market while supporting the state’s urban development agenda.
Yousry Selim, Chief Executive Officer and Managing Director of the Egyptian Kuwaiti Real Estate Development, said the company remains committed to partnering with leading developers to maximise the value of its strategically located land assets, generate strong investment returns, and contribute to sustainable urban development.
He added that the partnership complements the company’s ongoing efforts to advance its existing projects and optimise the utilisation of its land bank.
According to Selim, Grova West will undertake the development of the land owned by the Egyptian Kuwaiti Real Estate Development Company, delivering an integrated urban community designed to meet modern living requirements and evolving market demand.
The project will offer a diversified mix of residential units, including apartments and villas, with apartments representing the largest share of the development. It will also feature a comprehensive range of commercial, administrative, medical, and entertainment facilities aimed at creating a fully integrated destination.
In addition to development responsibilities, Grova West will oversee the management and operation of the project, ensuring the delivery of a sustainable and efficiently managed community, Selim said.
