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Egypt’s Korra Energi for Integrated Energy Solutions and Contracting Services is on track to complete two phases of Al-Fustat Gardens redevelopment project under its remit, a top official said.
The 250-acre park is located in Old Cairo on the site of the oldest Islamic capital in Egypt and Africa, according to past media reports. The public park will overlook archaeological and historical sites and monuments and convert the site into a regional and global tourist destination, an August 2021 report Al Monitor said.
Korra Energi, which was awarded the project by the Ministry of Housing, will develop the cultural and investment areas of the park at a total investment of 1.75 billion Egyptian pounds ($89 million), Ayman Korra, Chairman of Korra Energi told Zawya Projects.
He said the overall investment in the five-phase redevelopment, spread over an area of 500 acres, would be 6 billion pounds ($305 million) with Korra Energy developing two phases.
EHAF has designed the redevelopment project, he said, adding that it aims to revitalise historic Cairo and link it to the National Museum of Egyptian Civilisation and the New Administrative Capital.
Korra said the cultural area will extend over an area of 54,000 square metres (sqm), and include six restaurants as well as green areas, and fountains.
“The project is expected to be delivered before the end of this year,” he said.
The investment zone would be built over an area of more than 130,000 sqm, and will contain four malls, a Roman theatre, an adventure area, a restaurant area, and a heritage garden, which will include rare plants from different regions of Egypt.
“The investment zone is planned to be delivered by the first quarter of 2023,” he said.
Mohamed Salam, director of Korra Energi’s contracting department said the company is looking to expand to African markets, including Libya, and to Iraq.
(1 US Dollar = 19.67 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
