Arkan Palm obtains ministerial decree licensing Sheikh Zayed's Giza Metropolis
Mamdouh Badr El-Deen: Giza Metropolis is emerging as a recreational and services hub inwest Cairo, with Badr Al-Deen and Al-Badr acquiring a 80% stakein the project
Arkan Palm for Real Estate Investment Company, a subsidiary of Palm Hills Developments, obtained ministerial decree licensing Giza Metropolis, a joint venture with the New Urban Communities Authority and built over an area of 205 acres at Sheikh Zayed City.
“ Obtaining the ministerial decree testifies to Ministry of Housing’s keen interest in expediting the construction of mega real estate projects under the leadership of minister Dr.Asem El-Gazar and contributes to boosting development, bolstering real estate output and hiring thousands of workers at a time the world is reeling from coronavirus-induced headwinds,” Arkan Palm chairperson Eng.Mamdouh Badr El-Deen told Osoul Misr magazine.
Badr El-Deen family and El-Badr for Investment Company has acquired a stake of 80% in Arkan Palm, and thus creating a shareholding structure comprisingof a 60% stake owned by Badr El-Deen for Real Estate Development, 20% by Badr for Investment Company and 20% by Palm Hills Company.
Arkan Palm is going to get the project’s licenses and then start off with the construction works, as the project is estimated to employ up to 45,000 workers.
Gensler, a global design and architecture firm, developed designs and s detailed masterplan of the 205-acre project in Sheikh Zayed, west Cairo.
Mulling options for financing the project is underway and the best financing schemes will be disclosed soon, as the project consists of west Cairo’s tallest tower with a height of 150m and 45 floors.
The Giza Metropolis are made upof apartments run by IHG specializing in hotel management. Also, Savillas Global has been hired to provide maintenance, management services and to install kitchens and air-conditioners. Additionally, it contains shopping malls, under-ground garages with a 35-vehicle capacity, as well as hospitals, clinics, schools and three hotels.
The project is supplied by electricity from a central power station with a 50-60 megawatt capacity.
The project’s residential district is surrounded by an artificial river, a rowing club, parks, gardens, as drainage water is recycled for use in irrigation and housing units are equipped with a state-of-the-art heating system. Additionally, the project may be linked by monorail network to help curtail vehicle usage.
Giza Metropolis spreads over an area equal to Zamalek suburb and extends from 26th July Street to Abu El-Ola Bridge, three times the size of Maspero Triangle.
With it overlooking the 26th Axis, Giza Metropolis occupies a remarkable location at Sheikh Zayed City.
