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Nile Developments invests EGP 5bn in 1st Festival Tower project at New Capital - Daily News Egypt

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Nile Developments invests EGP 5bn in 1st Festival Tower project at New Capital

Contract signed with Orascom Group subsidiary, CFM, to provide facility management solutions for first Festival Tower

Nile Developments company is investing EGP 5bn in the 31North, the first Festival Tower project in the Downtown area at the New Administrative Capital (NAC). 

The company has set an expansion plan for the coming period, which includes developing a portfolio of new projects, in line with state trends. 

The company has also contracted with Contrack Facilities Management (CFM), a subsidiary of Orascom Group, to provide facility management solutions for the first Festival Tower. 

This reflects the company’s keenness on contracting with major companies in all phases of construction to ensure the highest quality possible. 

The company also plans to contract with major international companies specialising in managing towers, and is currently comparing between several possibilities. 

Mohamed Taher, Chairperson at Nile Developments, said that the company aims to develop the project to provide a different real estate product. It is hoped that it would act as a real addition to Egypt’s real estate market, especially as the company is entering the NAC with a view to becoming a top developer.

Mohamed Taher, Chairperson at Nile Developments
Mohamed Taher, Chairperson at Nile Developments

He added that the services to be provided by CFM for the construction of the first Festival Tower in the NAC include consulting services, facilities management in the planning stages, and studying the needs of the new facilities. 

CFM was chosen by Nile Developments due to its broad experience over 15 years, with the company providing its services to more than 130 clients, including major companies in Egypt. 

These clients include: Cairo Festival City Mall (CFCM); Nile City Towers; Al Shayaa Group; Smart Village; the Ministry of Communications and Information Technology; Al Masah Hotel in the NAC; and the third phase of the Grand Egyptian Museum (GEM).

Taher said that the Festival Tower project is built on an area of ​​18,000 sqm with a main facade of 100 metres in the tourist towers area of the NAC’s Downtown district. 

It is the most remarkable area of the major national project, with a view overlooking the Green River and the northern Bin Zayed axis, as well as its proximity to the financial and government districts.

He added that the 131-metre-high tower project consists of 36 storeys, and includes commercial units, including shops, restaurants, and cafes, as well as administrative offices, medical clinics, and hotel apartments.

Taher said that Nile Developments is looking to develop the concept of real estate, from the establishment of concrete buildings into integrated projects that add value to Egypt’s real estate sector. 

This comes in line with the trends at the NAC, and would take place through creating smart buildings with multiple uses. These will be able to accommodate the expected demand at the NAC, and will provide thousands of direct and indirect jobs, in turn leading to a positive impact on the economy.

Taher said that the company is partnering with one of the largest consulting offices in the Arab world to design the tower. This comes in light of its efforts to support the state’s trends by establishing projects that attract tourists to the NAC.

He explained that Nile Developments is looking to provide a real estate product created to international specifications. This is why it carefully chooses the companies participating in the implementation of its projects, to provide the best quality to its customers at all times.

Taher said that the company has recently cooperated with Hany Saad Innovations Company for interior designs in its Festival Tower project. 

Set up in 2003, Hany Saad Innovations has completed more than 800 projects across Africa and the Middle East. This covers all types of real estate products, from private residential villas, to mixed-use commercial projects, clubs, hotels, malls, administrative buildings, and residential complexes.

For his part, Karim Mamoun, head of the commercial sector at Nile Developments, said that the company aims to achieve contractual sales of EGP 2bn in the Festival Tower project, as part of its marketing plan this year. The company offers various payment systems that suit the purchasing power of its target customers.

Karim Mamoun, head of the commercial sector at Nile Developments
Karim Mamoun, head of the commercial sector at Nile Developments

Mamoun said that the company has developed innovative marketing plans that match with the requirements of clients who wish to invest. 

Despite the intense competition in the NAC’s Downtown area, the company developed detailed studies for the real estate market before launching the Festival Tower project. As part of this, it provided systems and facilities that guarantee the highest real investment return.

He went on to explain that in order to ensure the highest investment return for the commercial units, Nile Developments was keen on selecting the largest companies in the Middle East. This is why it cooperated with Kerdany Asset Development (KAD) to manage and operate its commercial units at the first Festival Tower project. 

Mamoun said that the company is planning to launch new non-traditional real estate products, working in cooperation with partners who have great experience and proven success. 

He added that the real estate is in a great need of new innovative ideas, especially when it comes to administrative, commercial, and hotel activities, which is in line with the company’s goals. 

Maamoun noted that choosing the largest companies to establish the first Festival Tower increases the project’s competitiveness, and the confidence of customers in the company to provide the best services. 

This is all in line with the company’s strategy for the project to become an icon for multi-use towers in the Administrative Capital and the real estate sector in general.

Nile Developments and Al-Ahram Real Estate Group announced, in September 2018, the merging of their assets and projects. 

The move aimed to maximise the optimal use of various projects of the two companies, and meeting all customers’ demands. The company has a huge portfolio of over 100 projects in New Cairo, with over 35% of these projects delivered. The company has begun investing in the NAC by launching its project 31North.

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