City Edge Developments on Saturday signed three memoranda of understanding (MoUs) with international and local companies, with the aim of providing various services to customers and visitors of New Alamein in the presence of Egyptian Prime Minister Mostafa Madbouly.
Established as a partnership between the New Urban Communities Authority and the Housing and Development Bank, City Edge represents the Ministry of Housing, Utilities, and Urban Communities in the three MoUs, Minister Assem El-Gazzar said.
He noted that his ministry was taking constructive steps towards, what he termed, the “forgotten duty” of the management and maintenance issue in real estate and other development projects.
The first MoU represents an agreement between City Edge Developments, Engie, and Contarck, one of the subsidiaries of Orascom Construction, on the establishment of a joint company with the aim of providing property and facility management services for New Alamein projects. The second MoU was with Majid Al Futtaim, covering the management, sale, and marketing of the New Alamein commercial mall, of which the first phase is expected to open in summer 2020. Finally, the third MoU was with The Village company to foresees the management of the entertainment area in New Alamein within the framework of developing New Alamein into an attractive tourist destination.
Hassan Ghanem, chairperson of City Edge Developments, said “these MoUs represent an effective and positive step towards the implementation of the government’s vision of creating new and integrated urban communities in Egypt.”
“There is no doubt that the cooperation with international expertise will facilitate the achievement of this vision at high standards,” he added.