Egypt, UAE’s UDC subsidiary sign a deal for a new urban development project in New Cairo

Ahram Online , Wednesday 21 Feb 2024

Egypt’s New Urban Communities Authority and "UDC" Real Estate Development Company, a subsidiary of the UAE-based Mohamed Omar bin Haider Group, signed a contract on Wednesday to allocate land for establishing a comprehensive urban development project in Hadayek Al-Andalus area in New Cairo.

signing ceremony
Part of the signing ceremony.


Prime Minister Mostafa Madbouly and Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, attended the signing at the government headquarters in the New Administrative Capital. 

Amin Ghoneim, Deputy Chairman of the New Urban Communities Authority and Mohammed Zahid Al-Batarni, CEO of UDC Real Estate Development Company, signed the agreement.

Minister of Housing Assem El-Gazzar explained that under the contract, a land parcel of approximately 665,505.63 square metres, equivalent to about 157 feddans, in the Hadayek Al-Andalus area near the Hope Triangle in New Cairo will be allocated to "UDC" for establishing The Crest, a comprehensive urban development project (residential, commercial, administrative, entertainment, and hotel), in cooperation with Al-Kazr Group.

UDC CEO Mohammed Zahid Al-Batarni said the land value will be paid in foreign currency, and the total investment volume of the project exceeds 60 billion Egyptian pounds.

Al-Batarni explained that this project will attract many companies to Egypt, thus providing foreign currency and creating job opportunities for youth.

The CEO of "UDC" Real Estate Development Company affirmed the company's commitment to present the general plan of the project and the project execution schedule within a period not exceeding six months from the date of contract signing.

He noted that the project represents the first nucleus of Mohamed Omar bin Haider Group's investments in Egypt, stressing that the company looks forward to opening avenues for further cooperation in other projects, given government support and the conducive environment for attracting investment in Egypt.

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