Misr Italia Properties (MIP), Egypt’s leading real estate developer, and Solid Construction have inked a deal to accelerate the implementation of the construction works throughout its milestone project IL BOSCO at the heart of the New Administrative Capital for a total of LE400 million. In addition, Misr Italia Properties also injected LE200 million in deals with 3 construction companies for immediate works in Vinci New Capital.
This move goes in line with the recent presidential directives for real estate developers to finish projects at a quick pace, notably in the New Administrative Capital.
A ceremony was organised to commemorate the contract signing with Solid Construction in the presence of Misr Italia Properties board members and Solid Construction board of directors. The concrete work and the architectural Core & Shell of 9 apartment buildings at IL BOSCO project “Phase 3” has been assigned to Solid Construction which started in mid-August 2021, with the aim to complete it within 18 months.
“MIP is always keen on teaming up with distinguished firms specialising in all sorts of work required for the company’s projects, including the two projects of IL BOSCO and Vinci in the New Administrative Capital” Mohamed Khaled el-Assal, CEO and Managing Director of Misr Italia Properties said. “Solid Construction firm is a renowned successful firm that we are pleased to work with. We have ambitious plans to execute more partnerships in the upcoming period with Solid Construction covering more MIP projects.”
Spreading over and area of more than 300 acres, Misr Italia Properties’ projects, IL BOSCO and Vinci, fall in line with Egypt’s 2030 Vision for sustainable urban development as well as the revolutionary concept of fourth-generation cities. Misr Italia Properties is committed to following the best-in-class construction approaches at IL BOSCO and Vinci in line with the solid and modern nature of construction works at the New Administrative Capital. The company is famous for its leadership in construction by applying prime architecture and construction approaches that complement the landscape of the New Administrative Capital.
“The collaboration with Misr Italia Properties adds a new dimension to the company’s track record, particularly in the New Administrative Capital as it attracts more private investments driven by the state’s strategy to develop this area.” said Karim Fawzy, CEO of Solid Construction. “Several large private sector firms have submitted bids to take over the implementation of a number of projects in the New Capital. Partnering with Misr Italia Properties came after a thorough study to activate construction works according to the time frame agreed upon” he added.