Wednesday, 27 May 2026
Egypt signs EGP 42 billion mega-project deal in New Cairo
The New Urban Communities Authority (NUCA) has signed a landmark land allocation contract for a premium hotel and commercial development project in New Cairo spanning nearly 28 feddans (approximately 117,600 m²). The land was allocated to Horizon Egypt for Urban Development at a value exceeding EGP 15 billion, with total planned investments for the project surpassing EGP 42 billion.
The signing ceremony aligns with directives from Eng. Sherif El-Sherbini, Minister of Housing, Utilities and Urban Communities and Chairman of NUCA, to accelerate high-return investment partnerships, optimize state asset utilization, and create an attractive environment that maximizes national resources in line with Egypt’s integrated economic and urban vision.
Eng. Ahmed Ali Mohamed Hassan, NUCA Vice Chairman for Real Estate and Commercial Affairs, who signed the contract on behalf of the Authority, stated that the project exemplifies the state’s strategy to generate maximum value from investment land while forging effective development partnerships with Arab investors. He added that the development will further establish New Cairo as a leading regional hub for tourism, hospitality, and premium services, creating thousands of jobs and supporting sustainable urban growth.
The contract was signed on behalf of Horizon Egypt by H.E. Sheikh Majid bin Said bin Rashid Al Nuaimi, Chairman of the Board, who affirmed that the project responds directly to Egypt’s vision of building globally competitive modern cities. He highlighted New Cairo’s advanced urban planning, strong economic fundamentals, and growing potential in high-end tourism and services as key drivers behind the investment decision.
The ceremony was attended by NUCA vice chairmen and senior assistants.
This project forms part of a broader series of strategic developments led by NUCA to bolster the real estate, tourism, and services sectors, enhance the global competitiveness of Egypt’s new cities, support real-estate exports, and advance the goals of Egypt Vision 2030 by integrating economic diplomacy with sustainable urban development.