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Al Ahly Sabbour Development, NUCA to build EGP 5bn residential project

Al Ahly Sabbour Development, NUCA to build EGP 5bn residential project
The project is set to be delivered by H2-23

By: Abdullah Bedeir

Cairo – Mubasher: Al Ahly Sabbour Development signed a partnership agreement with the Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA) to build a residential project in 6th of October City.

The project, which will cover an area of 144 feddans, has an investment cost of EGP 5 billion, the company’s chairman Ahmed Sabbour said during a press conference on Sunday.

Set to be delivered by the second half of 2023, the development will feature 1,138 residential units, a 280-room hotel, and a commercial area, Sabbour added.

The project will be 59.5% owned by Al Ahly Sabbour Development, while the remaining 40.5% will be owned by NUCA.

The National Bank of Egypt (NBE) will act as the account manager of the project by providing banking services.