{"id":640413,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/26\/emirati-saudi-consortium-pulls-out-of-ndp-hq-redevelopment-project-amid-rising-costs\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"emirati-saudi-consortium-pulls-out-of-ndp-hq-redevelopment-project-amid-rising-costs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/26\/emirati-saudi-consortium-pulls-out-of-ndp-hq-redevelopment-project-amid-rising-costs\/","title":{"rendered":"Emirati-Saudi consortium pulls out of NDP HQ redevelopment project amid rising costs"},"content":{"rendered":"

Gulf consortium backs out of plan to redevelop NDP HQ: <\/strong>A consortium of the UAE\u2019s Al Shafar General Contracting (ASGC) Group<\/a> and Saudi Egyptian Developers (SED)<\/a> has backed out of an agreement to work on the USD 5 bn redevelopment<\/a> of the former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float, Asharq Business<\/a> reports, citing an anonymous official within the consortium.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The why:<\/strong> The consortium\u2019s share in its partnership with the Sovereign Fund of Egypt \u2014 which was tied to land and building prices \u2014 was altered following the currency's depreciation and the resulting surge in raw material and energy prices.<\/p>\n

But this may not be goodbye forever: <\/strong>The two companies could still end up developing the project if their shares in the project are adjusted, the source from the consortium added to the outlet.<\/p>\n

The project in question: <\/strong>The redevelopment plan came with a price tag of USD 5 bn to be invested in a 7-star, 220-meter high hotel, residential buildings, and a multi-storey garage with capacity of up to 6k cars, local media previously quoted SFE tourism sub-fund chair Elhamy El Zayat as saying. The project was said to take some six years to complete and could break ground later this year, he added. The project comes as part of a wider plan to redevelop old buildings<\/a> in central Cairo and make the area more attractive for investment. <\/p>\n

Remember:<\/strong> It first came to light that the consortium had been selected to work<\/a> on the project back in September 2023. Cabinet in March gave Nilus Hotel and Commercial Services<\/a> and Nilus Residential Services<\/a> the greenlight<\/a> to build two commercial and residential towers on the National Democratic Party\u2019s former headquarters after transferring the 16.6k sqm land plot from the Sovereign Fund of Egypt\u2019s (SFE) tourism sub-fund to the two companies in August 2023. The two towers were given the completion date of 2Q 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP float pushed up raw material and energy costs<\/p>\n","protected":false},"author":1,"featured_media":640414,"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":[7371],"tags":[8766,72,8446,8445,83,8246,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-asgc","tag-enterpriseam","tag-nilus-for-hotel-and-commercial-services","tag-nilus-for-residential-services","tag-real-estate","tag-saudi-egyptian-developers","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"5e2c7525-b281-40e9-8cca-f2963cef86e4","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2160.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirati-Saudi consortium pulls out of NDP HQ redevelopment project amid rising costs","related_issue":[640408],"teaser":"The EGP float pushed up raw material and energy costs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.e299d5e9-0c03-4dcf-adaf-1e2963f23641.mp3"},"yoast_head":"\nEmirati-Saudi consortium pulls out of NDP HQ redevelopment project amid rising costs - 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\/08\/26\/emirati-saudi-consortium-pulls-out-of-ndp-hq-redevelopment-project-amid-rising-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirati-Saudi consortium pulls out of NDP HQ redevelopment project amid rising costs\" \/>\n<meta property=\"og:description\" content=\"The EGP float 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site\u2019s ownership to two companies connected to the sovereign fund and undisclosed Gulf investors","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616576,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/","url_meta":{"origin":640413,"position":1},"title":"Nilus to to build two commercial, residential towers on former NDP HQ","author":"enterpriseam admin","date":"7 March 2024","format":false,"excerpt":"The USD 5 bn projects are slated to wrap up in 2Q 2028","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604029,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/gulf-capital-is-backing-the-usd-5-bn-redevelopment-of-mubarak-era-hq\/","url_meta":{"origin":640413,"position":2},"title":"Gulf capital is backing the USD 5 bn redevelopment of Mubarak-era HQ","author":"enterpriseam admin","date":"24 August 2023","format":false,"excerpt":"Nilus to build a hotel and a garage where the NDP HQ once stood","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment 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The news cycle is still at pace. Analysts are holding their breath as political developments and global market reactions unfold. Let\u2019s dive in.THE BIG STORY TODAY- ? An Qatari-Egyptian Consortium is close to being chosen to work on the redevelopment of the former National Democratic Party headquarters\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\/2024\/8\/2160.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575675,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/22\/shamara-holding-eyes-partnership-with-sfe-to-develop-former-ndp-hq-land\/","url_meta":{"origin":640413,"position":4},"title":"Shamara Holding eyes partnership with SFE to develop former NDP HQ land","author":"enterpriseam admin","date":"22 October 2020","format":false,"excerpt":"Iraq\u2019s Shamara wants to get in the redevelopment of the former NDP headquarters with the SFE: Iraqi conglomerate Shamara Holding is interested in working with the Sovereign Fund of Egypt (SFE) to develop the land where the headquarters of the dissolved National Democratic Party used to stand, Al Mal reports,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":663090,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/27\/uk-based-innovo-plans-to-expand-its-presence-locally\/","url_meta":{"origin":640413,"position":5},"title":"UK-based Innovo plans to expand its presence locally","author":"enterpriseam admin","date":"27 March 2025","format":false,"excerpt":"The company plans to diversify its Egyptian portfolio by stepping into new sectors","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\/3\/2241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640413","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=640413"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640413\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640414"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640413"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640413"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}