The Sovereign Fund of Egypt received 4 offers from Gulf, American and Egyptian companies to compete to develop the land of the dissolved National Party, according to informed sources.
The sources added that the bids include an American-Emirati alliance, a bid from the Saudi-Egyptian-Shaafar alliance, and two bids from Saudi and local companies.
The project will be built on an area of 16,000 square meters, and the partner will handle the development and financing file, a mixed-use building, a 5-star hotel, and hotel units.
The Sovereign Fund of Egypt launched a tender for the implementation of the project under the partnership system, which is based on the Sovereign Fund’s contribution to the asset represented in the land and technical and construction studies, while the real estate partner or developer will contribute financing and other development components. The project is a mixed-use building in the lower part of it and two towers that are a 5-star hotel. The second is hotel apartments.
And last September, the Saudi Egyptian Development Company entered into an alliance with the Emirati Al-Shaafar Contracting Company to seize the development of the land of the dissolved National Party, which the Sovereign Fund offered to investors.
And the Saudi Egyptian Company announced that the alliance with the Emirati Shafar Company comes within the expansion plans of the Saudi Egyptian Company for Development in the Egyptian market, and that immediately after the Sovereign Fund announced the offering of the plot of land to investors, the offer was submitted.
This article was originally published by RT.
