SKG Inks USD 500 Million Real Estate Development Deal with UAE's KSH

The Emirati KSH Investment Company and Egypt's Safwat Kaliouby Group (SKG) holding firm have agreed to a deal for a real estate project worth $500 million. Three residential and commercial towers and a five-star hotel are included in the agreement, which is located north of the capital's center and overlooks Warraq Island on the Nile. According to MENA, the deal covers a space of 20,000 square meters (215,278 square feet).

The project will come along the Nile in Cairo, according to sources. KSH Investment firm is affiliated with the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan’s office, a real estate company owned by members of Abu Dhabi’s ruling family, according to MENA.

The United Arab Emirates is a major investor in Egypt. In February, the Abu Dhabi sovereign fund ADQ signed the $35 billion landmark agreement to develop the Ras Al Hekma peninsula on Egypt's north coast and other projects. Egypt has never had a deal of this magnitude before.

The investment is anticipated to lure "a minimum of $150 billion" during the implementation phases, as per sources. The prime minister stated that the subsequent development will be constructed on an unprecedented area of over 40,600 feddans.

It will include residential areas, prestigious international hotels, tourist resorts, vast entertainment venues, and medical, educational, and other service facilities. Additionally, it will have administrative and service buildings, a free economic zone for logistics hubs and information technology industries, and a central business district that will draw multinational corporations.