The $3.6 billion Mountain View iCity has been announced, Egypt's biggest upcoming project that is a joint venture between the Egyptian Mountain View and Saudi Sisban Holding. The venture has been billed as a boost to investment relations between the two nations.
"Today we are reaping the benefits of the Egypt Economic Development Conference in Sharm Al-Sheikh. This project reaffirms the confidence investors have in every facet of the Egyptian economy, and especially in the real estate sector, one of the pillars of our national economy," the Egyptian Minister of Housing, Mustafa Madbouly, said.
The project is described as 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 development will include 2 sq km of residential units and create more than 200,000 jobs.
The development is one of the first major projects in Egypt to be based on a public-private partnership, in which Mountain View-Sisban will own 60 per cent, with the remainder belonging to the Egyptian Ministry of Housing, represented by the New Urban Communities Authority.
Dar Al Mimar Group, in partnership with Callison RTKL Associates, a major architectural firm, is responsible for the design and layout of the project.
The I-Villa concept is among the smart technologies the project will use. With areas ranging from 100 to 500 square meters, I-Villas will be designed like villas but sized like apartments, each with its own entrance, green space and parking.
President of Sisban Holding, Ali Al-Sharif, said that the Mountain View iCity project would add more value to the Egyptian national economy. "We are confident that Egypt is a promising market with huge potential for investment," he said.
"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."
Chairman of Mountain View, Amr Soliman, said the company was committed to bolstering the Egyptian economy, and that the coming years would see even more investments being channeled into the real estate sector.
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, including no car zones.
Space will be put to the best possible use by employing empty spaces as green areas.
Mountain View iCity is one of the Egyptian government's most important strategic projects. It is set to beckon foreign investors and solidify the strong Saudi-Egyptian relations, thus bolstering the national economy and expedite the development goals set forth by Egyptian President Abdel Fattah El-Sisi as part of his vision to shore up the economy.
Sisban is a leading Saudi investment company with multiple partnerships both in the Kingdom and overseas.