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Al Tameer Arabian has signed a partnership agreement with Hong Kong-headquartered Swiss-Belhotel International to oversee the design and implementation of the Swiss-Belresidences Rivan, which constitutes the third phase of Rivan project in the New Administrative Capital (NAC).
Swiss- Belresidences is a serviced residences and apartments brand of Swiss-Belhotel International.
Marzouk Mansour, Chairman of Al Tameer Arabian, told Zawya Projects that Swiss-Belresidences Rivan spans an area of 16 acres in the R7 area and includes 15 buildings with 500 serviced apartments and a 4-storey mall spread over an area of 4,200 square metres (sqm).
He said 75 percent of the construction work for the first and second phases has been completed.
While investment details weren’t disclosed, past statements and news reports show a combined investment value estimated at 3 billion Egyptian pounds ($64 million), when Rivan was announced in February 2020 with 700 serviced apartments and a mall spanning 4,500 sqm. In February 2021, the developer said in a press statement that the EGP1 billion ($21 million) Rivan Tower, the third project after the serviced residences and the mall, would increase the company’s total investments in NAC to exceed EGP 5 billion ($106 million). Subsequently, as the latest announcement by the developer indicates, the number of units stands reduced to 500 while the mall’s area has seen a marginal downward revision of 200 sqm.
Al Tameer Arabian Company is a Saudi Egyptian joint venture that operates in Saudi Arabia, Egypt, Bahrain, and Dubai.
(1 US Dollar = 47.15 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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