Egyptian developer Mountain View said last Tuesday that it intends to deliver a total of 2,400 residential units of its iCity New Cairo mixed-use project in 2021.
The developer said in a press statement that it would deliver 600 units within the coming two months and another 1,800 units by the end of 2021.
The 65-billion-Egyptian-pound ($4 billion) development, spread over an area of 500 acres in New Cairo, is a joint venture between Mountain View and New Urban Communities Authority (NUCA).
Egypt’s Prime Minister Mostafa Madbouly accompanied by Minister of Housing Assem el-Gazzar and Mountain View’s chairman Amr Soliman visited the project’s first phase on Tuesday.
Egypt’s Prime minister Mostafa Madbouly, Housing minister Assem El-Gazzar, Mountain view chairman Amr Soliman, witnessed the completion of the first phase of iCity New Cairo project
The statement said Mountain View has signed an agreement with Intercontinental Hotels Group for managing hospitality part of Mountain View’s projects. In iCity New Cairo, IHG will operate the hotel apartments component.
The company also signed a partnership pact with China’s Huawei to invest up to $1 million to establish the technology infrastructure for the development including centralised security systems, cameras, gates; ‘ready-made’ datacentres and Internet of Things (IOT).