Saudi Scope invests $3.95bln in Mokattam Corniche development
Saudi Arabia's Scope Properties has launched its latest project, A40, in the heart of Mokattam Corniche.
The modern commercial center spans 14,000 sqm and features a mix of retail units, administrative spaces, and medical offices.
The development consists of a ground floor and four additional floors, with an underground parking facility extending across the entire project area. The total investment in A40 is estimated between EGP 4bn and 5bn.
Alaa Khedr, CEO of Scope, revealed that projected revenues from the Mokattam Corniche development have surged beyond EGP 200bn—an exponential increase from the initial estimate of EGP 1bn at the project's official launch in 2022. Speaking at the company's roundtable discussion, he announced that new offerings within the project are expected in 2025, valued between EGP 50bn and 75bn, while the residential phase is set to launch by the end of that year.
Khedr emphasized that the Mokattam Corniche development is a prime example of successful investment partnerships between the state and international developers, generating a direct positive impact on Egypt's economy. He highlighted the project's role in transforming Mokattam's infrastructure, including enhancements to road networks and additional transport axes.
'From the moment we signed the contract, we committed to making this project a civilizational leap—one that stands among Egypt's most iconic leisure, entertainment, and tourism destinations,' Khedr stated.
The Mokattam Corniche Development Project was contracted between Scope Properties and El Nasr Housing and Development, a subsidiary of Egypt's Ministry of Public Enterprises Sector. Spanning approximately 2 million square meters, the project has enlisted several globally renowned consulting firms. These include Hill International for project management, Foster + Partners for architectural design, Active Brains for geotechnical studies, Savills for feasibility and land-use planning, ICE for traffic and road consultancy, and Sabbour Consultancy as the local consultant and primary coordinator with international partners.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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