CAIRO — Under the auspices of the Egyptian Minister of Housing, Utilities & Urban Development, Dr. Mostafa Madbouly, the Saudi-Egyptian Alliance “Sisban – Mountain View” has inaugurated the ‘iCity 6 October’ project at a special ceremony organized at The Ritz-Carlton Cairo.
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iCity October[/caption]
The launch of the ‘iCity 6 October’ project comes as part of a long-term partnership between the Egyptian government and major economic entities, wherein the ‘Sisban – Mountain View’ alliance will launch a series of mega real estate developments in the Egyptian market with investments exceeding the EGP50 billion mark. The objective behind the partnership is to give the local economy a boost and enrich the Egyptian real estate sector, where currently the ‘iCity New Cairo’ project represents the largest contribution of the Saudi-Egyptian alliance following the development’s successful launch last year.
The launch ceremony took place in the presence of Ali M. Al Sharif, Managing Director and Chief Executive Officer of Sisban; Mohammed Al Dhabaan, Chairman of Sisban; and Eng. Amr Soliman, Chairman of Mountain View, in addition to Ayman Ismael, non-executive Chairman of the Administrative Capital Company and Chairman of DMG, the parent company of Mountain View, as well as a number of Saudi, Egyptian and other Arab businessmen.
“’iCity 6 October’ is the second initiative to be announced as part of the Public-Private Partnership Agreement in Egypt, aimed at developing giant strategic projects in the country. Set to accelerate growth and drive investment in the real estate sector by providing modern housing units at competitive prices, the project is owned 72% by “Sisban – Mountain View” and 28% by the Ministry of Housing, Utilities & Urban Development, represented by the New Urban Development Authority,” said Al Dhabaan.
“‘iCity 6 October’ is one of the most important projects for the Egyptian market as it will create thousands of jobs for Egyptians. The project will also increase the competitive value of the market, being the largest economic project in the Arab world, especially since it is being developed according to the most advanced and innovative engineering standards on an area exceeding 2,100,000 m2. The design of the project embodies European architectural style in terms of its aesthetics, geometry and unique interiors, and altogether it is set to enhance the country’s status as an important global hub attracting foreign investments.»
“The alliance has signed a contract with DMA and CallistonRTKL, one of the world’s largest consulting firms, to create a futuristic design for the project with a modern appeal,” he added.
“The project is an extension of the ‘iCity New Cairo’ project, which triggered a significant boom in the Egyptian real estate market back in May 2016, generating more than $3.6 billion in investments,” Al Dhabaan noted.
Eng. Soliman said: “‘iCity 6 October’ is one of the most prestigious real estate projects in the Egyptian market built to the highest international standards and architectural measures. The project will be the first four-dimensional residential city in the world and its launch is a confirmation of the successes we have achieved in the Egyptian market, having established and delivered more than 10 housing complexes to more than 10,000 clients through our previous projects. Through such initiatives, we will continue to support the Egyptian economy, emphasize the stability of the Egyptian market and enhance its appeal among both local and global investor communities.”
Ayman Ismael said: “The development comes on the back of the tremendous momentum generated by the ‘iCity New Cairo’ project, which also underscores the success of public-private partnerships in driving the growth of the Egyptian economy.”
Surpassing all expectations, the sale of Phase One units of ‘iCity New Cairo’ was completed on the first day of the booking itself.
‘iCity 6 October’ offers a number of unique features, including an ‘islands area’ that allows residents the opportunity to experience island living within a residential complex. The terrain has been upgraded to simulate the island model while providing privacy, exclusivity and security without breaking away from the other facilities.
The huge project includes a no-car-zone, where pedestrians can enjoy an automobile-free space with smart solutions to separate human traffic from automotive traffic, with a two-story parking lot under each residential building and a network of roads completely separate from walking areas, parks or residential areas, as well as the ring road linking all the residential islands with very low-speed-driving streets. The project also provides an enjoyable driving experience, eliminating all types of intersections and creating no traffic jams both inside and outside of the city.
‘iCity 6 October’ is being developed within a large garden to create an inspiring leisure environment for residents, along with a state-of-the-art sports complex and first-class sport academies. 40 meters above sea level, the project includes a “mountain park”, which is designed at a gradual level to offer residents the opportunity to enjoy green landscapes, while the ‘royal garden’ captures classic European designs. The project also includes a multi-purpose area for memorable dining and shopping experience with cafés, restaurants and shopping stores dotting the walkways and overlooking the charming water canal.
Sisban is a major Saudi company with multiple partnerships both in the Kingdom and overseas. — SG
