An 800,000 sqm village in Egypt is set to be constructed after construction firm Wadi Degla Developments (WDDs) won a contract to build the village.
According to the group Chairperson Maged Helmi the construction of 800,000 sqm village in Egypt will cost US$375.6 Billion and they are looking forward to start the project.
He added that the project came on board as a partnership that they had got into which obligates WDDs to develop the village, which is owned by Misr Tourism, in return for a specified amount of money (cash share) or a contribution in kind .
“The total revenues expected from the project amounts to EGP2.3bn, out of which EGP 1.2bn is made up of cash as well as shares in kind, will go to Misr Travel.”
Helmi added that the project will see the area have a full renovated village with modern facilities which will attract more tourist and investors.
“An EGP 30m advance will be forwarded to WDDs upon receiving the award letter,” Wadi Degla said. “Another EGP 75m will be given to Misr Travel this fiscal year and EGP 640m in the span of five years.”
Wadi Degla had early on September in a conference announced two new projects that they will be carrying on one in Ain Sokhna and another in New Cairo and this is expected to boost the growth of the company.
The project is key in improving the tourism sector of Egypt despite the fact that there is a go slow in the industry following the recent plane crush that occurred last week.
A new residential project in New Cairo is expected to contain 14,000 units over 2.5m sqm with total investments of EGP 13bn. Revenues from the project are expected to total EGP 20bn.
The project will be implemented in four years and will be developed over four stages. Its main target is middle-income citizens, who represent the largest growing demand for housing in the country.
