PM Inspects First Three Stages of Sun Capital ProjectSource: www.export-egypt.com 2/11/2023, Location: Africa |
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Prime Minister Moustafa Madbouli inspected the first three residential stages of the Sun Capital project, west Cairo.
Madbouli was accompanied during his tour in the Sixth of October City with Housing Minister Asem el Gazzar, Education and Technical Education Minister Reda Hegazi, Giza Governor Ahmed Rashed and Founder of the Arabia Holding Group Company Tarek Shoukry. The premier inspected the progress realized in the project with a total of 7,000 housing units. The project includes a hotel, an international school and a sporting club. The Sun Capital project is among the first projects implemented by the state - represented by the New Urban Communities Authority - in partnership with the private sector. This falls within the framework of the government plan to implement the directives of President Abdel Fattah El Sisi to turn west Cairo into a tourism capital in Egypt. The premier said the New Urban Communities Authority sought to offer investment facilitation in line with the president's directives. The housing minister said the project includes a number of hotels and tourist facilities that will make this area tourist-attractive. He said the state is implementing projects in partnership with the private sector on an area of 13,000 feddans in the fourth generation cities at total investments of EGP 1.1 trillion, with the state's share standing at EGP 311 billion. These projects secure 200,000 jobs, he noted. The 575-feddan Sun Capital allocates 60 percent of its area to the residential part of the project. Meanwhile, Founder of the Arabia Holding Group Company Tarek Shoukry said a hotel managed by Fairmont trademark will be launched at EGP 12 billion investments. The 400-room hotel will be facing the Giza Pyramids. Also, a hotel run by Holiday Inn and Staybridge was launched at EGP 6 billion investments, Soukry said, adding that an international French school will be launched. Moreover, a sporting club was launched at EGP 600 million. He noted that the volume of investments injected into the project's residential area stood at EGP 12 billion, adding that the project started in January 2019. |
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