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Sorouh partners with RICON Construction for new projects in Egypt

Article-Sorouh partners with RICON Construction for new projects in Egypt

Egypt Cairo Giza Pyramids landscape real estate
Sorouh partners with RICON Construction for EGP 30 billion real estate projects in Egypt, starting with Entrada and Avenue Mall developments in the NAC

Sorouh Developments has signed a strategic alliance agreement with RICON Construction and Energy to partner on real estate projects in Egypt. These projects will cost a total of EGP 30 billion in investment according to an announcement from Sorouh last week. The partnership will start with the development of the Entrada and Avenue Mall projects in the New Administrative Capital (NAC), with an investment nearing a value of EGP 3 billion.

ENTRADA: A RESIDENTIAL DEVELOPMENT

Entrada is a residential development covering an area of about 72 acres in the R7 area of the NAC. The project is in front of the International Fairgrounds area. Sorouh Developments has already started delivering the first phase of the project to customers.

AVENUE MALL: A COMMERCIAL AND MEDICAL MALL

Avenue Mall is a mixed-use mall located in the R7 area. It includes commercial, administrative, and medical spaces. The mall offers a variety of services. These include shops, offices, clinics, restaurants, and cafes. With an area of 29,000 square meters, it also provides various basic and entertainment services.

BENEFITS OF THE PARTNERSHIP

The partnership is important to RICON Construction and Energy's goals. This is especially the case with the current economic challenges, according to the company's Chairperson and Managing Director, Mohamed Abdel Zaher.

RICON Construction and Energy has a proven record of completing premium real estate projects under global sustainability standards. The company also owns specialty contracting and real estate development companies and an international consulting office.

EXPANDING DEVELOPMENT IN EGYPT

The two companies are conducting market and feasibility studies in order to grow their partnership and create new projects in different areas. The goal is to develop a variety of profitable projects in the Egyptian real estate market. They will do so by using the combined knowledge and goals of the two businesses.

Egypt city landcape real estate view

A KEY STEP IN THE DEVELOPMENT OF EGYPTIAN REAL ESTATE PROJECTS

The strategic alliance between Sorouh Developments and RICON Construction and Energy marks a key step in the development of real estate projects in Egypt. By combining their resources and expertise, the two companies aim to deliver high-quality developments. These developments will meet international standards and contribute to the growth of the Egyptian real estate sector.

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