Egyptian firm launches $4.5bln housing project

Egyptian firm launches $4.5bln housing project

A key Egyptian developer on Friday launched a giant residential city project at a cost of around 140 billion Egyptian pounds ($4.5 billion).

Mountain View for Development and Real Estate Investment said “Aliva Mountain View City” is located in Mostkabal City Community in New Cairo, a key suburb located in the Eastern part of the Egyptian capital.

Spread over an area of around 2.68 million square metres, the city comprises nearly 12,000 houses and is the largest to be owned by a local developer in that area.

“This project confirms our leadership of the real estate market in Egypt…..it presents a new form of integrated urban communities to become a model for other developers not only in East Cairo but in the real estate market in Egypt and the entire Middle East,” Chairman Amro Suleiman said, quoted by Egypt’s Addustour newspaper.

(1 US Dollar= 30.66 Egyptian pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

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