Six real estate developers are negotiating with Egypt’s New Urban Communities Authority (NUCA) to develop land plots under the public-private partnership (PPP) scheme in New Alamein City.
The six developers include two Egyptian real estate investment firms; Badr El-Din and Plaza Gardens, an official source from NUCA told Amwal Al Ghad on Sunday.
“The authority will soon sign its final deal with Badr El-Din to execute a project in New Alamein,” he said, adding that the PPP flagship will include a hotel and housing tower.
Last March, Egyptian President Abdel Fattah al-Sisi inaugurated New Alamein – northwest of Cairo – on a space of 48,000 feddans, at a cost of 2 billion Egyptian pounds ($124.2 million).
New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and is scheduled to be finalised in one-year timeframe.
The anticipated city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.
