Eng. Khaled Abbas, Chairman and Managing Director of the Administrative Capital Company, witnessed the launching ceremony of Nile Developments – the first specialized Egyptian company in developing skyscrapers – launching “Taycoon Tower”, Africa’s highest hotel, poised to become one of the most recognizable landmarks in Downtown New Administrative Capital.
The ceremony, which took place at the St. Regis Almasa Hotel, New Administrative Capital (NAC), witnessed the attendance of real estate and tourism industries’ leaders alongside art and media public figures, who indulged themselves in a mind-blowing performance of mega star Amr Diab.
Abbas stated that “the Administrative Capital is in constant contact with all the developers to overcome all difficulties, stressing that everyone cooperating to complete the giant national project, which is considered the most prominent feature of the new republic launched by President Abdel Fattah El-Sisi”.
Abbas stressed “the importance of attracting foreign investments, stressing on providing all means of support for them to enter the Egyptian real estate market, especially the New Administrative Capital project.”
He ensured that the New Administrative Capital project is not only a real estate project, but also opens new horizons for investment in many other economic sectors and investment in the education, health and infrastructure sectors.
During the event, Mohamed Taher, Chairman of Nile Developments, revealed a new partnership with Millennium Hotels and Resorts, to operate and manage “Taycoon Tower” hotel – a global trademark in hospitality management with 150 hotels operating around the world, which taps the Egyptian and African markets for the first time.
Taher stated: “Tycoon Tower is 233 meters high, and it is an exceptional real estate project that will set a new global standard as Africa’s highest hotel. The new hotel – one of Nile Business City towers and the largest project of Nile Developments so far- is deemed as a historical addition to NAC’s Downtown area.”
He also pointed out that Nile Developments is the first Egyptian private real estate developer to specialize in developing skyscrapers, which started its operations in 2021 in NAC’s Downtown area, adding that the company has studied the return on investment (ROI) of such projects and found that buildings of 60 floor height at maximum have a large economic return and is an added value for buyers.
Taher said that the company has a vision and a strategic plan to continue its success journey in NAC, which is considered the main icon of national projects, stressing that the real estate sector has proven its ability to weather economic headwinds over the past years, by developing distinctive value-added projects to attract local and international investments.
For his part, Mahmoud Taher, Vice Chairman of Nile Development Company, said that the launch of the Tycoon Tower project has seen a healthy demand from clients and real estate brokers, who expressed their great admiration for the project and confirmed that it will be a pinnacle of the tourism real estate investment sector.
Mahmoud added: ““Tycoon Tower” is accessible from all major axes, as it is strategically located in the middle of the Downtown area and is close to 80% of NAC’s landmarks. The building has a stunning design, modern interiors, and an infinity pool on the roof that will provide picturesque 365-degree views of the Downtown area and the entire NAC, since it directly overlooks the Green River and has all the luxurious facilities, alongside being called “the golden point of the New Capital” …all this makes it attractive to residents and international visitors.”
It is noteworthy that Nile Developments cooperates with international experts on its state-of-art projects according to the latest international standards in design and construction. It is the first Egyptian company to contribute with a specialized contractor in developing skyscrapers at the size of “SIAC” company, alongside joining hands with industry veterans including “Moharram Bakhoum” company and Imad El-Sherbiny, who supervised the construction of some of the most famous and highest skyscrapers in Dubai and Saudi Arabia.
It is worth mentioning that Nile Developments is one of the largest real estate developers in the New Administrative Capital, as it owns two of the most important projects in the Downtown area on the tourist towers strip; the most prominent of which is the Nile Business City project (the highest vertical city at a length of 233m), and it consists of four towers including the recently launched: the administrative tower and Nile City Center (the commercial center of the project).
