Kuwaiti Burj Global Group started developing an integrated residential project on 90 Street in the Fifth Settlement, with investments of $70m by the end of the current year, according to chairperson Amr El-Gammal.
El-Gammal told Daily News Egypt that the project is built on 35 acres and is designed differently than the typical projects in the same area.
He added that the project includes a 5-star hotel, a commercial mall, residential buildings, and villas in different sizes.
El-Gammal noted that the project will be developed over three phases. The implementation process will take three years and will be delivered in 2020.
He revealed that the project will be financed by the company’s shareholders.
He pointed out that the company is developing the Burj Al-Babas resort in Turkey with investments of $875m. The project includes 2,500 villas of 230 sqm each, including artificial lakes, swimming pools, delivery transport, and an ice rink in the winter.
“The company has several projects in Kuwait, Bahrain, and Dubai, and was founded in Kuwait in 2012 with a capital of $500,000. The company has worked in the field of real estate marketing ever since it started operating, and turned to real estate investment through the Burj Al-Babas resort in Turkey,” said El-Gammal. “The company plans to pump new investments into real estate projects in the Egyptian market by seeking investment opportunities,” he added.