Egyptian Pyramids Real Estate will start the construction works of the biggest commercial mall in the country’s new capital at the end of this week, chairman said on Sunday.
Pyramids is one of the real estate companies that is specialised in establishing and running commercial malls and housing compounds in the new capital.
The project, which is the company’s fourth mall in the new capital, will be with investments worth 2 billion Egyptian pounds ($120.3 million), Hesham El-Kholy further added.
Pyramids had earlier implemented three malls in the new capital; Grand Square at the 7th residential district, Grand Square at the Central Business District (CBD), and Champ Elysees, El-Kholy said.
Located 45km (28 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people.
It will feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
