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UAE’s UDC plans $2 billion project in Egypt’s New Cairo

The project, called The Crest, will be developed in Egypt’s Hadayek Al-Andalus area.

UAE’s UDC plans $2 billion project in Egypt’s New Cairo
[Source photo: Anvita Gupta/Fast Company Middle East]

Egypt is prioritizing attracting foreign direct investment (FDI) beyond its energy sector, aiming to secure approximately $12 billion in FDIs in the current fiscal year.

Likewise, Egypt’s real estate sector faced challenges due to a decline in the face of rising construction material costs, interest rate hikes, increased fuel expenses, and a 25% devaluation of the national currency.

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have teamed up to launch a $1.9 billion urban development project in New Cairo.

‘The Crest’ project, 665,000 square meters in the Hadayek Al-Andalus, will feature residential, commercial, and administrative buildings, entertainment venues and hotels.

UDC’s CEO, Mohammed Zahid Al-Batarni, emphasized that ‘The Crest’ project seeks to draw companies to Egypt, fostering foreign currency inflows and generating employment opportunities.

With government backing and a burgeoning business landscape, UDC intends to further invest in additional projects. UDC will unveil the project plan for ‘The Crest’ within six months of contract signing.

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