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Saudi-Egyptian joint venture Winvistor Real Estate Development has signed an agreement with Dallah Holding subsidiary Almaza Real Estate Development Company to purchase a 4,653-square metre plot of land in the Sheraton area of Heliopolis.
Winvistor Development’s Managing Director Hisham Ibrahim told Zawya Projects that the JV intends to implement its first real estate project in the Sheraton area.
He said the project would be unique in terms of using the latest construction technologies in line with Egypt's Vision 2030 for sustainable construction and digital transformation.
While he declined to elaborate on investments and other details, Ibrahim disclosed that the project would be launched this year, incorporate green technologies, and involve collaboration with major financial, marketing and engineering consultants in Egypt.
The EGX-listed Winvistor Development is a JV between Saudi’s Al-Manawer Contracting and Real Estate Development Company and Egypt’s IMS Development and Project Management Company.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
