MIDAR for Investment and Urban Development and Mountain View have signed a contract with Arab African International Bank to open an escrow account for their joint project, ALIVA. The project is a part of the fourth phase of Mostakbal City, a mega-development in east Cairo that spans 638 feddan.
Ayman ElKousey, MIDAR’s Managing Director and CEO, said: “The escrow account guarantees that MIDAR and Mountain View get their respective share of revenues from ALIVA sales, according to the development contract and the total revenue sharing system.”
ElKousey added: “The city’s infrastructure works are nearing completion, following the general plan for each phase and the latest global standards for developing large cities.
Mostakbal City offers various residential, commercial and administrative units, along with a comprehensive system of services and facilities, such as education, health, entertainment, branded residences, financial and business communities, banks, gas stations, and service companies. The city covers 5,200 feddan.”
Amr Soliman, Founder and CEO of Mountain View, said: “The escrow account reflects the trustworthiness of the project and the confidence of the banking sector in Mountain View and MIDAR. This step will also help speed up the construction of ALIVA City.”
Soliman revealed: “The bank account was opened only a few months after the partnership contract between Mountain View and MIDAR and the launch of the first phase of the project. We anticipate more success for ALIVA City, as the first phase was sold out within days, generating EGP 32bn in sales.”
