Qatari Diar awards construction contract for new phase of CityGate New Cairo

Qatari Diar awards construction contract for new phase of CityGate New Cairo

Qatari Diar Real Estate Investment Company, owned by Qatar Investment Authority (QIA), has awarded the construction contract for a new phase of its CityGate New Cairo project to Athens-based Consolidated Contractors Company (CCC).

Bawabat Al-Sharq New Cairo Real Estate Investment, a company under Qatari Diar Egypt, awarded the construction contract for Opal 3D-A and Garnet 3D-B representing a combined investment of 1.75 billion Egyptian pounds ($57 million), the Qatari developer said in a press statement.

The new phase of the mixed-use project extends over 357,125 square metres (sqm) and comprises of 422 residential units including villas, quattros and twin houses, the statement said.

The contract value wasn’t disclosed but CCC was also the main contractor for the 430-unit Phase 1.

The $12 billion CityGate New Cairo spans an area of 8.5 million sqm and will have a total built up area of 6.8 million sqm when complete. It will encompass 24,500 residential units, an 18-hole golf course, community centres, schools, international hotels, a sports club, a 720,000 sqm business park, a medical complex and 300,000 sqm of entertainment and retail space.

Qatari Diar has a land bank of more than 40 million sqm in Egypt.

(1 US Dollar = 30.53 Egyptian Pounds)

(Writing by Marwa Abo Almajd;