Saudi businessmen invest US $ 750M in Egypt

The first phase of Citystars Heliopolis, a mixed-use project that will occupy an entire city block in the heart of Cairo, started with US $750 million from Saudi investors, the Egyptian commercial development company, Golden Pyramids Plaza, told Asharq Al Awsat (Nov 26).

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By  Massoud Derhally Published  November 27, 2002

The first phase of Citystars Heliopolis, a mixed-use project that will occupy an entire city block in the heart of Cairo, started with US $750 million from Saudi investors, the Egyptian commercial development company, Golden Pyramids Plaza, told the daily Asharq Al Awsat (Nov 26).

Golden Pyramids Plaza, which develops office and residential properties throughout Egypt and is controlled by the Saudi Sharbatly and Shobokshi families said the first phase of the project, should be complete by the middle of 2003 and the second phase by the summer of 2004.

The new project located in Heliopolis, will bring to the bustling city of Cairo numerous five star international retail brands, hotels, residential towers and a trade centre occupying 115,000 square metres. Informed sources told Asharq Al Awsat, that the project will comprise three hotels (Holiday Inn, Le Meridien, Intercontinental) with 1,280 rooms, an international conference centre and a residential component with about 266 upscale apartments and a separate 70,000 square meter office tower.

The sources also told the paper that the project will have a trade centre, considered the fourth largest project of its kind in the Middle East and Europe featuring about 800 shops, a hypermarket, department store, 16 cinema theatres and the largest entertainment centre in the region.

About 13 million to 16 million Egyptians live in the greater Cairo area, not including Arabs from the Gulf and Levant that regularly vacation in Egypt. Some retail analysts say the new project will bring a breath of fresh air to the traditional hotel mall combination, and this 1.8 million-square-foot shopping and entertainment centre will no doubt be among the largest in the world.

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