Saudi Egyptian Developers (SED) has signed a EGP 382m contract with the Kuwaiti Al-Kharafi Group to carry out infrastructure works in the Bleu Vert project.
Built on an area of 70 feddan in the New Administrative Capital, Bleu Vert comprises 208 villas of different styles and 34 buildings that include apartments of different sizes.
Mohamed Al-Taher, CEO of SED, stated that despite the difficulties the real estate market is witnessing as a result of the successive economic changes, the company continues to complete all its real estate projects, on top of which is the Bleu Vert project.
Al-Taher noted that Al-Kharafi starts work on the project and completes 10% of the infrastructure work.
He added that all infrastructure works in the project are scheduled to be completed in the middle of 2024, which includes electricity, water, sewage, and internet networks; road networks; and the project’s external wall and gates.
He pointed out that the volume of the total project investments amounts to EGP 4.5bn.
SED was established as an Egyptian joint stock company in 1975, according to a special international agreement between the governments of the Arab Republic of Egypt and the Kingdom of Saudi Arabia, where the company’s capital witnessed an increase more than once until it currently reached EGP 1.9bn, and the company currently has a distinguished financial position with assets of EGP 9.2bn.
