Mubasher: Qatari Diar has started working on the first phase of its CityGate project in New Cairo with a value of EGP 1 billion.

During a ceremony on Monday, the Qatari real estate firm's Bawabat Al-Sharq New Cairo Real Estate Investment signed a contract with Consolidated Contractors Company (CCC) to implement the first phase of the project, according to a press release. 

The first phase of the development includes 430 units and the works under the new deal are scheduled for delivery within 24 months.

During the implementation period, the first phase is expected to create about 200,000 jobs in the Egyptian market, the CEO of Qatari Diar, Abdullah bin Hamad Al Attiyah, said. 

He added that the Qatari firm will announce its developmental and investment plans and strategic partnerships in Egypt by the end of 2021. 

The investments of Qatari Diar in Egypt have exceeded $3 billion, injected into tourism, residential, and mixed-use projects that span over more than 40 million square metres.

Upon completion, the CityGate project will have a value of more than $12 billion, the CEO added.