The new phase of the mixed-use project will feature 422 residential units. Credit: Béla Mayer / Pixabay.

Qatar Investment Authority-(QIA) owned Qatari Diar Real Estate Investment Company has awarded a construction contract to Athens-based Consolidated Contractors Company (CCC)  for a new phase of its CityGate New Cairo project in Cairo, Egypt, reported Zawya.

The value of the construction contract was not disclosed.

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Qatari Diar Egypt firm Bawabat Al-Sharq New Cairo Real Estate Investment awarded the construction contract for Opal 3D-A and Garnet 3D-B, marking a total investment of EGP1.75bn ($57m).

The new phase of the mixed-use project will feature 422 residential units including quattros, twin houses, and villas.

CCC served as the primary contractor for Phase 1, 430-unit.

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Spanning an area of 8.5 million square metres, the $12bn CityGate New Cairo will have a total built-up area of 6.8 million square metres.

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It will feature 24,500 residential units, a shopping complex, a golf course, community facilities, schools, a hotel, a sports club, a 720,000m² business park, and a 300,000m² retail and entertainment area.

In Egypt, Qatari Diar has a land bank of over 40 million square metres.

Qatari Diar Real Estate Investment Company CEO Abdullah bin Hamad Al Attiyah was quoted by The Peninsula as saying: “Implementing the new phase of CityGate New Cairo marks an important milestone for Qatari Diar in Egypt as the project will value over $12bn once completed.

“We are pleased to announce that our valued partner CCC will be administrating the new phase of CityGate New Cairo in the wake of their notable success in the project’s first phase.

“With over EGP1.75 Bn, the new phase of CityGate New Cairo comes in line with our strategy in the Egyptian market. We focus on implementing large-scale projects with the highest international standards while integrating them with a green and sustainable approach to supporting the Egyptian economy, as well as the real estate sector.”