{"id":615698,"date":"2024-02-22T00:00:00","date_gmt":"2024-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/uaes-udc-to-invest-egp-60-bn-in-a-mixed-use-development-project-plus-nhmc-is-building-a-usd-300-mn-medical-and-educational-complex\/"},"modified":"2024-02-22T00:00:00","modified_gmt":"2024-02-22T00:00:00","slug":"uaes-udc-to-invest-egp-60-bn-in-a-mixed-use-development-project-plus-nhmc-is-building-a-usd-300-mn-medical-and-educational-complex","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/uaes-udc-to-invest-egp-60-bn-in-a-mixed-use-development-project-plus-nhmc-is-building-a-usd-300-mn-medical-and-educational-complex\/","title":{"rendered":"UAE\u2019s UDC to invest EGP 60 bn in a mixed-use development project. PLUS: NHMC is building a USD 300 mn medical and educational complex"},"content":{"rendered":"

Today, we\u2019ve got, not one, but two big ticket developments with investments from abroad<\/strong> to report on<\/strong>, both of which will be buying land for their projects using much-need foreign currencies. <\/p>\n

\n

ANOTHER EMIRATI DEVELOPMENT IN CAIRO IS IN THE WORKS-<\/p>\n

New Cairo will soon be home to a new EGP 60 bn development:<\/strong> UDC Real Estate Development, a subsidiary of UAE-based Mohammad Omar Bin Haider Holding Group<\/a> (MOBH), has received a land plot in New Cairo\u2019s Al Andalus to build a EGP 60 bn mixed-use development. UDC and the New Urban Communities Authority (NUCA) inked the land allocation agreement yesterday, according to a cabinet readout<\/a>.<\/p>\n

Introducing, The Crest: <\/strong>The project \u2014 dubbed The Crest \u2014 will span some 665k sqm and willfeature residential, administrative, entertainment, commercial, and hospitality units. UDC will work on the project in cooperation with Cairo-based property developer IL Cazar<\/a>, the statement reads, without specifying what role IL Cazar will play.<\/p>\n

UDC is paying in FX for the land<\/strong>, according to company CEO Mohamed Al Battarni. This comes at a time when the state is in desperate need of more foreign currency inflows amid the ongoing FX crunch and the looming currency devaluation. The statement did not disclose how much of the total EGP 60 bn investment would go towards acquiring the piece of land.<\/p>\n

The project marks MOBH\u2019s first entry into the Egyptian market<\/strong>, but the company is already looking forward to further cooperation with the Madbouly government, Al Battarni said.<\/p>\n

What\u2019s next?<\/strong> UDC will prepare the project\u2019s general plan and construction schedule andpresent it within six months. The eight-year construction period will kick off once the plan and schedule are approved. <\/p>\n

\n

ALSO FROM THE CONSTRUCTION SITE-<\/p>\n

The New Urban Communities<\/strong> Authority (NUCA) has awarded <\/strong>NHMC Egypt<\/strong> \u2014 the local arm of the UK-based healthcare, finance, and technology-focussed conglomerate NHMC Group \u2014 a plot of land in East Cairo\u2019s Shorouk City to set up a USD 300 mn medical and educational complex alongside a residential and commercial project under a contract inked by the two parties yesterday, according to a cabinet statement<\/a>.<\/p>\n

In detail:<\/strong> The project will host a private hospital developed in partnership with American pharma and cosmetics giant Johnson & Johnson. Another hospital will also be set up in partnership with the University of Buckingham. The medical and education complex will also include a sports academy that can cater for those with special needs and an international school. While the adjacent residential and commercial area area will include villas, apartments, malls, hotel apartments, and healthcare-focused administrative buildings.<\/p>\n

FX incoming:<\/strong> The land will be paid for in foreign currency transferred from abroad, the statement indicates.<\/p>\n","protected":false},"excerpt":{"rendered":"

UDC\u2019s project will feature residential, administrative, entertainment, commercial, and hospitality units<\/p>\n","protected":false},"author":1,"featured_media":615699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[73,72,7115,125,879,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-education","tag-enterpriseam","tag-healthcare","tag-investment-watch","tag-new-urban-communities-authority","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"ccbf8a05-3c13-409b-a48c-5289edccee55","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2143.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s New Urban Communities Authority allocates land to UAE\u2019s UDC for EGP 60 bn mixed-use development product. PLUS: NHMC is building a USD 300 mn medical and educational complex","related_issue":[615693],"teaser":"UDC\u2019s project will feature residential, administrative, entertainment, commercial, and hospitality units","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.2a39fb46-413c-4217-b924-9eedfa62721b.mp3"},"yoast_head":"\nUAE\u2019s UDC to invest EGP 60 bn in a mixed-use development project. PLUS: NHMC is building a USD 300 mn medical and educational complex - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/uaes-udc-to-invest-egp-60-bn-in-a-mixed-use-development-project-plus-nhmc-is-building-a-usd-300-mn-medical-and-educational-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s UDC to invest EGP 60 bn in a mixed-use development project. 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It\u2019s a busy Wednesday here at home, despite having a calmer start to the day this morning. The two biggest stories so far this afternoon are from the New Urban Communities Authority, which is handing out plots of land for investors to set up\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593833,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/nuca-offers-land-plots-worth-egp-35-5-bn-to-investors\/","url_meta":{"origin":615698,"position":1},"title":"NUCA offers land plots worth EGP 35.5 bn to investors","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"The New Urban Communities Authority (NUCA) has tendered 26 mixed-use land plots worth EGP 35.5 bn in Sixth of October, Sheikh Zayed, New Cairo, and El Shorouk and Sadat cities under a new land tender mechanism, Housing Ministry sources told the press. In related news: NUCA has granted Al Arabia\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561150,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/28\/emaar-misr-to-establish-egp-37-8-bn-residential-project-in-sheikh-zayed\/","url_meta":{"origin":615698,"position":2},"title":"Emaar Misr to establish EGP 37.8 bn residential project in Sheikh Zayed","author":"enterpriseam admin","date":"28 March 2021","format":false,"excerpt":"Emaar Misr will spend EGP 37.8 bn developing a 500-feddan residential project dubbed \u201cBelle Vie\u201d in Sheikh Zayed after signing a land allocation agreement with the New Urban Communities Authority, the company said in an EGX disclosure (pdf). Emaar had received the authority\u2019sapproval for the project in late 2019, following\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":676319,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/27\/horizon-egypt-to-set-up-egp-42-bn-hospitality-project-in-new-cairo\/","url_meta":{"origin":615698,"position":3},"title":"Horizon Egypt to set up EGP 42 bn hospitality project in New Cairo","author":"enterpriseam admin","date":"27 November 2025","format":false,"excerpt":"NUCA has allocated a 28-feddan plot in New Cairo to Horizon Egypt for the project","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/524.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593468,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/emaar-signs-settlement-agreement-with-nuca-to-move-ahead-with-west-cairo-project\/","url_meta":{"origin":615698,"position":4},"title":"Emaar signs settlement agreement with NUCA to move ahead with West Cairo project","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"DISPUTE WATCH- Emaar signs settlement agreement with NUCA to move ahead with West Cairo project: Emaar Misr has signed a final agreement with the New Urban Communities Authority to settle a dispute with the authority and purchase land surrounding its planned Cairo Gate compound in Sheikh Zayed, according to a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/768.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595647,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/egypts-nuca-allocates-egp-16-bn-land-to-new-city-investor\/","url_meta":{"origin":615698,"position":5},"title":"Egypt\u2019s NUCA allocates EGP 16 bn land to new city investor","author":"enterpriseam admin","date":"1 August 2019","format":false,"excerpt":"The New Urban Communities Authority (NUCA) has allocated EGP 16-bn worth of land plots under a new land tender mechanism that allocates land directly to investors, a source from the Housing Ministry told the press. A total of 170 companies made the 10% down payment specified by the new mechanism\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=615698"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615698\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615699"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615698"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615698"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}