Cairo – MENA Herald: Saudi-Egyptian Alliance Mountain View-Sisban has unveiled Egypt’s biggest upcoming real estate project, the Mountain View iCity, which is set to be developed in New Cairo with investments exceeding $3.6 billion. The project’s general layout will encompass a comprehensive urban community that will meet the requirements of sustainable development in Egypt according to world-class standards and the latest in architectural design.
The announcement was made at a ceremony patronized by the Prime Minister of Egypt Sherif Ismail, with Egyptian Minister of Housing, Utilities & Urban Development Dr. Mostafa Madboly attending. Participants in the event included Amr Soliman, Chairman of Egyptian company Mountain View, Ayman Ismail, Chairman of Dar al-Mimar Group, Ali Al Sharif, President of Saudi Arabia’s Sisban Holding Group, and a number of business figures from the two countries and the Arab world, as well as celebrities and members of the press.
Set to be developed over an area of two square kilometers, Mountain View iCity is one of the first strategic projects in Egypt to be based on the concept of public-private partnership. Mountain View-Sisban will own 60%, with the remainder belonging to the Egyptian Ministry of Housing. The project is part of Egypt’s drive to push ahead with real estate development and investment by providing modern, affordable housing.
Dar al-Mimar Architects, in partnership with CallisonRTKL, a major architectural house, will jointly draw the design and layout of the project, which is set to combine innovative design with modern construction. It will be built to world-class standards with all-Egyptian manpower.
The project comprises a series of concepts implemented using smart technologies mainly adopting the iVilla concept, which has inspired architectural design and innovative use of space as its hallmarks. With areas ranging from 100 to 500 square meters iVillas will be designed like villas but sized like apartments, each with its own entrance, green space and parking.
Ali Al Sharif, President of Sisban, said that the Mountain View iCity project would add more value to the Egyptian national economy, especially given that it sparks off the beginning of a complementary partnership with the Egyptian government, not to mention the many opportunities it has to offer to Egyptians, which range from numerous job opportunities to innovative business spaces to various choices of upscale housing.
“We are confident that Egypt is a promising market with huge potential for investment,” he said. “As we signed this agreement at the Egypt Economic Development Conference in Sharm El-Sheikh, and throughout the process of signing contracts, receiving land, obtaining licensing, up to and including launching the project, it was tangible to us just how keen the Egyptian government is on encouraging investments and removing any and all possible hurdles, even holding workshops to overcome any obstacles that may arise.”
He continued, “The result is the innovation and excellence that we see today, which match any of the world’s biggest projects. There is also the benefit of the possibility for foreign investors to own property in Egypt, which has Saudi, Arab, and global investors looking forward to confidently place our investments there and consolidate our presence in our second home. We come here today to mark yet another success as investor partners in this pioneering project, which will introduce new concepts and ideas that set the trend for a prosperous future in Egypt.”
In his speech at the ceremony, Amr Soliman, Chairman of Mountain View, said, “We celebrate with you today the launch of the Mountain View iCity project, which coincides with the 10th anniversary of Mountain View’s presence in the Egyptian market, during which the company has developed 10 million square meters, and built and delivered 10 residential communities to more than 10,000 clients.”
He indicated that Mountain View is committed to bolstering the Egyptian economy, and that the coming years will see even more investments being channeled into the real estate sector.
“Mountain View iCity is a great opportunity to assert confidence in the stability of the Egyptian market and its appeal to national and international investors,” Soliman said. “The company ably helped achieve the objectives of the Egypt Economic Development Conference in Sharm El-Sheikh by encouraging foreign investors to come to Egypt.
Soliman said that exclusivity, innovative architectural design, and excellent locations are what set all of Mountain View’s projects apart. He added that Mountain View iCity will be built according to world-class environmental standards, with smart solutions to separate human traffic from automotive traffic. One of the concepts to be used in this regard is the No Car Zone, in which pedestrians can enjoy an automobile-free space.
Sisban is a leading Saudi company with multiple partnerships both in the Kingdom and overseas. The company has achieved many successes over the years, thanks to the strength of the Saudi economy and the major projects that contribute to the Kingdom’s growth and take advantage of its huge resources and capabilities.