Real estate company Abraj Misr announced its intention to invest EGP 4.5bn in constructing an eco-friendly project named “The Gate” over 35,000sqm. The project’s implementation will start in April.
The company dubbed the new project as the first and largest “residential, administrative, smart and eco-friendly project”.
“With the mission to create an iconic building in Cairo, The Gate enjoys a very strategic location, on Al-Nozha Street, Masr El-Gedida neighboured with large projects,” the company statement said. “The site also enjoys strong connections to Cairo Airport and main Cairo arteries.”
The project is expected to offer thousands of direct and indirect job opportunities over the period of its implementation, which will be approximately three years.
The eco-friendly project will include solar water heating, wind turbines, green areas and roof terraces.
Chairman of Abraj Misr, Aly Rabie, previously told the Daily News Egypt that the company has begun allowing customers to reserve residential units, a crucial source of financing for the 20% self-funded project.
The remainder of necessary financing will be obtained through bank loans, which will account for 30% of the total, and shares provided by the company’s cash flow from sales.
