Egypt’s Al Ahly Sabbour for Real Estate Developments has launched on Sunday its new public-private partnership (PPP) project in the Sixth of October City.
Named KEEVA, the project is a partnership between Al Ahly and the Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA), with investments up to 5 billion Egyptian pounds ($319.7 million).
The project is being built over an area of 144 feddans and will include 1,138 units deliver through four phases, Al Ahly chairman Hussein Sabbour told reporters at a press conference.
It is expected to be completed within the second half of 2023, Sabbour added.
Al Ahly will own 59.5 percent of KEEVA, while the NUCA will have the remaining 40.5 percent, chief executive Ahmed Sabbour said.
The project is expected to generate sales up to 6.5 billion pounds, Ahmed said.
Al Ahly targets 2.5 billion pounds of sales from KEEVA within 2020, he explained, adding that his company would invest one billion pounds in the project during the last quarter of the year.
Al Ahly Sabbour for Real Estate Developments’ chairman Hussein Sabbour and chief executive Ahmed Sabbour with officials at the New Urban Communities Authority (NUCA) announcing the launch of KEEVA project in a press conference in Cairo on Sunday, 08 March, 2020.
