Horizon Egypt, NUCA signs land agreement for $881mln New Cairo hotel project

Horizon Egypt Developments plans to launch a commercial hotel project in New Cairo, with total investments exceeding EGP 42 billion, according to a statement issued by the Ministry of Housing, Utilities, and Urban Communities.

Hence, the company signed a land allocation agreement with the New Urban Communities Authority (NUCA) at a value of EGP 15 billion.

Spanning around 28 acres, the project drives the state's efforts to bolster development and attract high-quality investments.

Implemented under the directives of Minister of Housing Sherif El-Sherbiny, the development scheme fosters high-yield investment partnerships and secures a stimulating development environment that contributes to maximizing state resources and improving asset utilization efficiency.

Ahmed Ali Mohamed Hassan, Deputy Head for Real Estate and Commercial Affairs at NUCA, highlighted that the joint project reinforces New Cairo's position as an attractive hub for tourism, hospitality, and service investments, while contributing to job creation and achieving sustainable urban development.

On his part, Majid bin Saeed bin Rashid Al-Nuaimi, Chairman of Horizon, affirmed that the project comes in response to the Egyptian state's vision of building modern cities that compete regionally.