Dubai businessman and chairman of Al Habtoor Group Khalaf Ahmad Al Habtoor has revealed plans to build a mega mixed-use development in Egyptian capital Cairo.
Spread across more than 800,000 square metres, the ambitious development is based on the company’s massive Al Habtoor City project in Dubai.
Al Habtoor submitted a proposal for the new project to Egyptian President Abdel Fattah el-Sisi during a recent visit to the country, he told TV station Al Arabiya in an interview.
The proposal for Al Habtoor City Cairo incorporates three luxury internationally branded hotels, three high-rise residential towers, six mid-rise residential apartment blocks and 204 luxury villas.
The development will also include an international school, two polo fields, a golf course and a shopping complex with 290,000sqm of rental retail space. It will feature high-end retailers and food and beverage outlets within the hotels and shopping complex.
“It would be a vibrant community in the heart of the city and a new landmark in Cairo. It would provide much-needed jobs for the Egyptian people and would be a great boost to the city’s economy,” said Al Habtoor.
Al Habtoor City in Dubai, which includes three luxury hotels, residential and leisure units, employed some 8,000 people during the construction phase, which is still ongoing. Once complete, it will provide a further 3,000 jobs.
The complex is opening in phases. The first hotel within the development, The St. Regis Dubai, opened in late 2015 while the two other hotels – W Dubai and Westin Dubai – are scheduled to open in the first quarter of 2016.
Al Habtoor said Egypt offers huge potential. “We have been studying the idea for some time. Egypt is ready for an investment of this scale.”
He added: “There is nothing like this anywhere in the world. It is all encompassing. Residents and guests would have everything they need on their doorstep.”
Several major businesses from the United Arab Emirates have announced massive investment plans in Egypt as the country seeks to revive its economy.
Real estate company Emaar and retail conglomerate Majid Al Futtaim have announced investments amounting to millions of dollars in Egypt.
Last month, UAE retailer Lulu also revealed plans to invest over $383m in setting up 10 new hypermarkets in the next two years across the North African nation.