Arabtec Egypt for Construction SAE, a subsidiary of Arabtec Holding PJSC has been awarded the contract to build the Hanging Gardens, a project being developed by the Amer Group with an estimated construction value in excess of AED 195 million and a completion period of 14 months. The Hanging Gardens project will consist of six residential buildings featuring 726 apartments located at Golf Porto Sokhna, a residential and mixed-use vacation resort covering 2.2 million square-meters of cliff face with spectacular views of the Red Sea, that is home to Egypt’s only mountain top 18-hole championship golf course and a Spa complex.
Mr. Riad Kamal, CEO of Arabtec Holding PJSC said: “This award comes as part of the company’s strategy to diversify geographically outside of the UAE. We are delighted to work with the Amer Group as our partners. We have a great respect of each other’s aspirations, expectations and standards and I have no doubt that together we will create iconic projects of which we can be both proud of.”
Mr. Mansour Amer, Chairman of Amer Group stated: “Egypt is one of the great 6 emerging economies for investment named by the Economic Intelligence Unit. The Egyptian construction sector grew at 13% last year and the construction sector is expected to reach US$7.3 billion by 2015. By partnering with Arabtec, the MENA-leading construction firm, the combination provides the Egyptian market with a very strong alternative when it comes to quality construction choices for residential, infrastructure and commercial projects.”
Amer Group Holding Company SAE is a leading real estate and hospitality developer in Egypt, engaged in the mixed-use, family-oriented resort development, mall development and operations, restaurant operations, and investments/ventures in various business sectors.
Since its origins in 1993, Amer Group has sold more than 10,000 residential units and is operating more than 600 hotel rooms, more than 40,000 square meters of leasable mall space and 45 restaurants. Projects which comprise its ‘Porto World-‘ branded real estate operations include Porto Marina, Golf Porto Marina and Porto Sokhna.