Al Ahly Sabbour Development announced the launch of KEEVA, its latest compound in 6th of October city, in partnership with the New Urban Communities Authority (NUCA).
To be built on 144 feddan and total investment of EGP 5bn, KEEVA is expected to be delivered by the second half of 2023.
Al Ahly Sabbour will have 59.5% of the project, and the rest 40.5% will be owned by the NUCA. The project, which will be delivered over four phases, comprise 1,138 different units: villas with spaces starting from 260 to 360 sqm, townhouses with spaces starting from 225 to 265 sqm, while apartment’s spaces range between 120 and 190 sqm, the agreement reads.
Al Ahly Sabbour is also partnering with the National Bank of Egypt (NBE) through an escrow account.
“According to the agreement, the bank will act as the project’s account manager by providing all banking services related to the project as well as arranging the financing needs for the development in order to achieve on-time targets. The bank will also be responsible for organising the deposited revenues and their distribution across the project’s partners,” said Sherif Riad, Corporate & Syndication Group Head at NBE.
He went on to say, “The NBE is constantly seeking to develop and upgrade its line-up of services and products in a way that caters to the needs of customers. We are constantly working towards becoming permanent partners in the success of all national projects; especially ones that provide new job opportunities, have a positive impact on the lives of Egyptian citizens, and ultimately contribute to the country’s overall development plans.”
Hussein Sabbour, chairperson of Al Ahly Sabbour, said, “Throughout the years, developing quality real estate across Egypt’s vital key areas has been a founding pillar of our company as we collectively believe in joining forces with the aim of advancing urban development in Egypt.”
Ahmed Sabour, CEO of Al Ahly Sabour, expressed his enthusiasm regarding the launch of KEEVA, pointing out “the project comes as part of Al Ahly Sabbour’s vision to expand its product portfolio across promising areas in Egypt, which is simultaneously in line with the government’s 2030 vision by extending the reach of urban communities across the country to supply for the growing population.”
He added, “KEEVA provides residents with all elements of stability as it comprises commercial, infrastructural, and entertainment components, making this projects ideal for families seeking tranquillity, comfort, and security.”
Commenting on the partnership with NUCA, Mazen Hassan Abdo, vice president of NUCA’s financial affairs sector, said, “KEEVA stands as another example of public-private partnerships, accentuating the government’s efforts in collaborating with private firms with the aim of raising product standards, and providing new investment opportunities.”