New Cairo is getting a new EGP 42 bn hospitality project: Emirati-led developer Horizon Egypt Developments will set up a EGP 42 bn hospitality project in New Cairo after signing the EGP 15 bn land allocation agreement with the New and Urban Communities Authority (NUCA), the Housing Ministry said in a statement.

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The details: The 28-feddan plot will house a premium mixed-use hospitality and commercial complex, according to the statement, which didn’t disclose any further details.

NUCA expects the development to bolster New Cairo’s role as an attractive destination for investors, supporting job creation and sustained development activity. Horizon Egypt Chair and head of Ajman Ruler’s Emiri Court Sheikh Majid Al Nuaimi said that the city’s strong economic fundamentals and modern planning make it an attractive destination for premium tourism and service-led developments.

REMEMBER- The company launched its first project in 2023 — the EGP 36 bn Saada New Cairo development.

IN OTHER REAL ESTATE NEWS-

Palmier Developments has launched the new EGP 3.5 bn residential compound Vert in New Zayed in partnership with Al Ahly Sabbour’s Melee, Chairman Mohamed Alhaj told Zawya. The project will include 213 villas and is expected to generate EGP 5 bn in revenue.

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