by makan 
Top Real Estate Egypt News: Egypt strikes $300 Million agreements with UAE-based companies to build an international medical city and grow the real estate and healthcare industries.
Two agreements between Egypt’s Ministry of Housing and two Emirati businesses signaled important advancements in the real estate and healthcare industries.
A land allocation agreement for the construction of an integrated medical-educational urban project in El Shorouk City has been signed by the Ministry of Housing with the English business “NHMC.”
According to a press release from the Ministry of Housing on Wednesday, the project is expected to cost roughly $300 million, with the land value being paid in foreign currency through transfers from overseas.
Per the terms of the deal, 35 percent of the land will be used for medical-educational activities and 65 percent will be used for urban development in order to create an integrated medical-educational urban project. This project is located in El Shorouk City on the Cairo-Suez road.
Over the course of the project, which covers about 47 feddans, Elysium Medical City will be established in a 25-feddan area. In collaboration with Buckingham University, it entails the establishment of the first English-language medical, nursing, and physiotherapy colleges in the Middle East and Africa. It also houses the first private hospital in the Middle East and Africa that is also educationally connected to Buckingham University.
The project includes a 76-room specialist medical area for the elderly as well as the construction of a hospital for precision surgery on the knee, jaw, and face in partnership with Johnson & Johnson. The project also includes an international English school, a sports academy overseen by medical professionals for people with special needs, and a comprehensive urban area with villas, hotel apartments, residential apartments, administrative buildings for medical specialties, and shopping centers.
These programs demonstrate the Ministry of Housing’s dedication to improving the country’s infrastructure for healthcare and education while also furthering national development.
Additionally, the Ministry of Housing inked a contract with UDC Real Estate Development, an affiliate of the United Arab Emirates-based Mohamed Omar Bin Haider Group, to allot 157 feddan in New Cairo.
According to a release from the Ministry of Housing, the Emirati company will work with Al-Kazar Company on an integrated urban development project dubbed “The Crest”.
The CEO of UDC, Mohamed Zahid Al-Batarni, stated, “The agreement includes the payment of the land value in foreign currency, with a total investment exceeding LE 60 billion.”
After six months following the agreement, the business intends to propose the project’s general plan, with completion anticipated in eight years. This project serves as the initial hub of Emirati investments in Egypt.
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