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- Dubai 05:29 06:43 12:35 15:51 18:21 19:35
Egypt is building a 200-meter-high (656 feet) Zayed Crystal Spark in Sheikh Zayed City, which will become the tallest tower in the country, according to country’s Ministry of Housing.
The tower will be launched during the Economic Summit to be held in Sharm El-Sheikh from March 13 to 15.
The development is located in the southern expansions of 6th of October City and will be worth a total investment of EGP 150 billion ($19.7 billion; Dh72.2 billion).
Zayed Crystal Spark will be built on an area of 190 acres through a partnership between real estate developers and the New Urban Communities Authority (NUCA), the dailynewsegypt.com quoted country’s housing minister Mostafa Madbouly as saying.
The tower will be a commercial, administrative and entertaining project. However, the project cost was not disclosed.
Sheikh Zayed City is a new metropolitan area and one of new-generation cities built in 1995 through the Sheikh Zayed grant facilitated by the Abu Dhabi Fund for Development.
The city, divided into 20 districts of four neighbourhoods, is located in the province of Giza and is considered a suburb and a natural extension of Greater Cairo. It is fully serviced and supported by high-level facilities such as hospitals, schools, water and electric utilities, and green landscapes covering around 40 per cent of the total area to give the city a natural appeal.
During the last fiscal year (FY) 2013-2014, the real estate sector in Egypt contributed 4.6 per cent to the GDP representing (EGP 80bn), according to media reports. The real estate sector saw investments worth EGP 35bn.
UAE Minister of State Sultan Ahmed Al Jaber, who also chairs the coordinating bureau of projects between the UAE and Egypt, has said his country will not abandon Egypt and will keep supporting it economically during this current phase, stating the summit will lead towards the implementation of a permanent development and reform plan in Egypt.
Bilateral trade between the UAE and Egypt grew 21.5 per cent to Dh11.3 billion in the first three quarters of 2014 compared to Dh9.3 billion in the same period of 2013, according to foreign trade statistics revealed by Dubai Customs.
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