logo

Saudi Scope invests $3.95bln in Mokattam Corniche development

Zawya18-02-2025

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).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Egypt: Kima registers over $16.32mln profits in 9M-24/25
Egypt: Kima registers over $16.32mln profits in 9M-24/25

Zawya

time7 days ago

  • Zawya

Egypt: Kima registers over $16.32mln profits in 9M-24/25

Cairo – Egyptian Chemical Industries (Kima) logged net profits after tax valued at EGP 811.65 million in the first nine months (9M) of fiscal year (FY) 2024/25, an annual hike from EGP 102.28 million. Basic earnings per share (EPS) jumped to EGP 0.40 in 9M-24/25 from EGP 0.054 as of 31 March 2024, according to the financial results. Meanwhile, the sales witnessed a year-on-year (YoY) leap to EGP 6.39 billion from EGP 4.61 billion. Kima targets generating net profits of EGP 1.36 billion and EGP 9.53 billion in revenue for FY 25/26. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (

UAE, Kuwait sign MoUs to boost cooperation
UAE, Kuwait sign MoUs to boost cooperation

Sharjah 24

time7 days ago

  • Sharjah 24

UAE, Kuwait sign MoUs to boost cooperation

The signings took place during His Highness Sheikh Mansour bin Zayed's official visit to Kuwait and were held at Bayan Palace. These agreements are intended to broaden the scope of strategic partnerships between the two nations and to support their mutual development priorities. The agreements and memorandums include the following: An MoU for cooperation in the health sector, signed by Abdul Rahman bin Mohammad bin Nasser Al Owais, UAE Minister of Health and Prevention, and Dr. Ahmed Abdul Wahab Al-Awadi, Minister of Health of Kuwait. An MoU between the Anwar Gargash Diplomatic Academy (AGDA) and the Sheikh Soud Nasser AlSabah Kuwait Diplomatic Institute, signed by Khalifa Shaheen Al Marar, UAE Minister of State, and Abdullah Ali Al Yahya, Foreign Minister of the State of Kuwait. An MoU in the field of land transport and roads infrastructure, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Dr Noura Mohammed Al-Mashaan, Minister of Public Works & Municipality of Kuwait. An MoU in the field of social development affairs, signed by Shamma bint Suhail Faris Al Mazrui, UAE Minister of Community Empowerment, and Dr. Amthal Hadi Al-Huwaila, Minister of Social Affairs, Social Development, and Family and Childhood of Kuwait. An MoU in industry and advanced technology, signed by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Khalifa Abdullah Dhahi Al-Ajeel Al-Askar, Minister of Commerce and Industry of Kuwait. An MoU in education sector, signed by Sarah bint Yousif Al Amiri, UAE Minister of Education, and Sayed Jalal Sayed Abdul Mohsen Al-Tabtabaei Minister of Education of Kuwait. An MoU in oil and gas cooperation, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Tariq Suleiman Al-Roumi, Oil Minister of Kuwait. An MoU in the field of combating human trafficking and another on legal cooperation were signed by Abdullah bin Sultan bin Awad Al Nuaimi, UAE Minister of Justice, and Nasser Yousef Al-Sumait, Minister of Justice of Kuwait. An MoU in the field of electricity, water, and future energy, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure and Dr. Subaih Al-Mukhaizeem, Minister of Electricity, Water, and Renewable Energy of Kuwait. An MoU in the field of promoting direct investment, signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director-General of Kuwait Direct Investment Promotion Authority (KDIPA). An MoU in the field of data protection and information exchange in joint security projects, signed by Major General Khalifa Hareb Al Khaili, Undersecretary of the UAE Ministry of Interior, and Major General Ali Al-Adwani, Acting Undersecretary of Ministry of Interior of Kuwait. An agreement was also signed earlier on the "Artificial Intelligence Infrastructure Partnership" launched by MGX, BlackRock, Global Infrastructure Partners, and Microsoft, which now includes the Kuwait Investment Authority as a partner. In addition, a contract was signed between the Kuwait's Ministry of Defence and the UAE's EDGE Group for the procurement and delivery of several 'Falaj 3' class missile boats.

Gold prices in Egypt surge on Monday
Gold prices in Egypt surge on Monday

Zawya

time03-06-2025

  • Zawya

Gold prices in Egypt surge on Monday

Arab Finance: The gold prices in Egypt jumped on Monday, with the 24-karat rising to EGP 5,320 per gram for purchasing and EGP 5,348.5 for selling, iSagha's data showed. Likewise, the 22-karat gold price hiked to EGP 4,876.75 for buying and EGP 4,902.75 per gram for selling. The 21-karat gold also rose to EGP 4,655 per gram for purchasing and EGP 4,680 for selling. The 18-karat gold amounted to EGP 3,990 per gram for buying and EGP 4,011.5 for selling. The gold pound's price stood at EGP 37,240 for purchasing and EGP 37,440 for selling. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store