Egypt to Build a 200 Meter Skyscraper, Bids to be Made at the Economic Summit
Egypt is planning to build a 200 meter high skyscraper, as revealed by the Minister of Housing Moustafa Madbouly. This will be the tallest tower in Egypt and will surround 798,000-square-meter of area in Cairo’s Sheikh Zayed district. That’s just a few miles away from the pyramids of Giza.
The project will be officially unveiled during this Month’s Economic summit. The project is a result of a partnership between the New Urban Communities Authority and real estate developers. The minister is yet to reveal the exact cost of this massive project.
“It is an administrative, commercial and entertainment project as it includes buildings for various purposes, in addition to the unique 200 meter-tower,” Madboly said.
Egypt is hoping to bring in fresh foreign investment and for this purpose, the ministry has invited over 150 real estate developer to attend the economic conference in March.
During a speech at the Cityscape Egypt real estate event in Cairo, the Housing Minister also offered land blocs to real estate developers, which by now should have been distributed.
Real estate plays a huge part in the economic growth of Egypt and affects 90% of industries. Egypt’s economy has been in turmoil since the revolution on January 25th. Millions of people protested, marched and performed acts of civil disobedience in an attempt to remove President Hosni Mubarak.
Clashes between security forces and protests caused 846 people to die and over 6000 injured. Protesters burned numerous police stations, while protesting in Cairo and other cities.
Protesters were out to be vocal about corruption, political issues, police brutality, rigged elections and many other problems.
The revolution gave the country a new life and a chance to stand back up on its feet. The upcoming economic summit is highly important to give a boost to Egypt’s economic structure.
Apart from the announcement of the tower, there’s nothing more shared about it. More details are expected in the coming weeks.