Egypt: Urban Development Fund, MINT launch Fustat View project

PHOTO

Egypt’s Urban Development Fund, in partnership with MINT Real Estate Assets, has announced the opening of reservations for the Fustat View project, a visionary multi-phase development aimed at transforming Cairo’s historic Fustat area into a dynamic economic and cultural hub.

MINT Real Estate Assets, a subsidiary of Al Ahly Sabbour Developments, is leading this initiative. The Fustat View project is a critical component of the Fund’s strategic plan to leverage urban development as a catalyst for economic growth. With a total investment of EGP 6bn, covering 40% of construction to date, the project will span 30 feddans and incorporate a mix of residential, hotel, and administrative units. The first phase is scheduled for delivery in 2025.

This initiative aims to generate significant economic benefits, including increased tourism revenue, substantial job creation, and enhanced private-sector engagement. “Over the last 50 years, Egypt has achieved remarkable economic growth. However, this achievement was accompanied by various urban problems, such as the destruction of cultural and natural heritage sites dating back over 1,000 years, and the ghettoization of urban centres,” explained Khaled Seddik, Chairman of the Urban Development Fund. He added that Cairo City’s urban regeneration plan aims to restore local identities and achieve sustainable urban growth through public-private partnerships.

“Fustat View represents another significant milestone towards the achievement of the urban regeneration plan in Cairo,” he said adding that the Fustat area falls within the government’s plan to revive the historical sites of Old Cairo.

A critical aspect of the plan, according to Seddik, is leveraging public-private partnerships to revitalize urban centres. By implementing sustainable practices and ensuring citizen involvement, Egypt seeks to create vibrant, cohesive communities and serve as a model for future urban management.

“MINT Real Estate Asset Management comes as an extension to our strategy and expertise at Ahly Sabbour, with a focus on creating independent entities and companies that provide diverse and innovative services and solutions. These offerings assist real estate developers in overcoming any obstacles they may face in creating vibrant communities across Egypt. This, in turn, supports the real estate development market in Egypt, fostering stable and resilient real estate entities that can withstand all challenges,” said Eng. Ahmed Sabbour, Chairman and CEO of Al Ahly Sabbour Developments.

He added that the partnership between MINT and the Urban Development Fund offers a strategic advantage, positioning the project in alignment with future models of urban development. Furthermore, this project will deliver a modern living experience with exceptional investment returns, aligning with our strategic vision for Fustat’s future as a leading investment, tourism, and entertainment destination. Sabbour further emphasized the strategic importance of asset management companies in current economic and socio-economic conditions, highlighting their role in optimizing investment returns, managing risks, and ensuring sustainable growth. These companies support socio-economic development by facilitating infrastructure projects, creating jobs, and fostering community growth, making them indispensable in achieving long-term financial and societal goals.

Tamer Erfan, Investment and Finance Officer of Al Ahly Sabbour and Chairman of MINT, said, “As the largest park in the Middle East at 500 feddans, it will include hotel services, open theatres, archaeological areas, and heritage gardens. The park’s elevated location will provide exceptional views of historical landmarks such as the Citadel of Salah El-Din and old mosque minarets, extending to the Giza pyramids. The Urban Development Fund has chosen Innovo Al Shafar for the project design, combining classical and contemporary elements to reflect the area’s spirit and Egypt’s modern aspirations.”

Alia El Nagdi, CEO of MINT Real Estate Assets, commented, that Fustat View represents a unique investment proposition. The initial phase will feature 7 residential buildings, boasting a sales value exceeding EGP 1bn. As the project progresses, total sales are projected to reach an impressive EGP 10bn, reflecting the significant investment potential.

The compound will feature 1,412 fully furnished residential units, a mall, administrative units, and hotel apartments. The project includes various facilities such as a mosque, parking, kids area, sports playgrounds, gym, and nursery, as well as green landscapes.