Sorouh Developments announced the signing of a strategic alliance with RICON Construction and Energy, according to which cooperation will take place in developing a package of projects with a total investment of EGP 30bn starting with Entrada and Avenue Mall projects in New Administrative Capital (NAC) with total investments of approximately EGP 3bn.
Chairman of Sorouh Developments Eng. Walaa Elmy said that this cooperation achieves business integration between the experiences and visions of both companies, with each one having accumulated expertise in real estate investment and contracting sectors, which guarantees project development with the highest quality standards, and with the best details that through which a unique real estate product is introduced.
Elmy highlighted the importance of the alliance in achieving economic benefit for both parties, added that Sorouh has a strategic vision to quickly complete the development of its current projects and expand in new projects.
He noted that market and feasibility studies are currently being completed to expand the development of new projects in different and diverse areas, in light of the urban renaissance that Egypt is currently witnessing in addition to the government support for real estate sector, which is a strong contributor to the GDP.
He disclosed, “Choosing a strong partner to ally with is important, so that the goals of both parties and their vision for the future are compatible, as well as their partnership based on a strong accumulated business precedent and huge financial and technical solvency. Accordingly, these elements are available in the strategic alliance with RICON Construction and Energy.”
He explained that Entrada is an integrated residential development located on roughly 72 acres in New Capital’s R7 in front of the International Fairgrounds area. The project was designed and is being constructed using the best standards and modern construction technologies, pointed out that the company has started delivering the first phase of the project to customers.
Meanwhile, Avenue Mall project is a commercial, administrative, and medical mall located in the R7, and is adjacent to a number of international universities and overlooks the Expo City in the New Capital. It comprises a variety of services in one place including shops, offices, clinics, restaurants and cafes with various spaces. It also contains various basic and entertainment services on an area of 29,000 sqm.
For his part, Chairman and Managing Director of RICON Construction and Energy Eng. Mohamed Abdel Zaher announced the importance of this alliance in increasing the expertise of both companies and helping them develop more distinguished projects in Egypt’s real estate market.
Abdel Zaher confirmed the importance of the alliance in light of global economic challenges that affected all sectors in all countries and its role in supporting companies’ plans.
He elaborated that his company has succeeded in executing real estate projects with various types with high quality using international sustainability specifications. It also owns several companies specialised in field of real estate development and contracting. In addition to an international consulting office, where the company carries out various projects, including Aster El-Galala, Aster Sheikh Zayed and Aster El-Maadi.