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Kuwait's Manazel signs $13m project contract with Egypt's Sabbour

Manazel Real Estate Company, will develop the Liyan project with Landmark, a part of Egypt’s Sabbour group

Kuwait's Manazel Holding Co is set to develop a service project in Egypt [representational image of Cairo].
Kuwait's Manazel Holding Co is set to develop a service project in Egypt [representational image of Cairo].

Kuwait’s Manazel Holding Company has signed a contract to develop a service project in Egypt, comprising units worth $12.5m (KWD3.8m).

In a statement to the Kuwait bourse, Manazel said its subsidiary, Manazel Real Estate Company, will develop the Liyan project with Landmark, a part of Egypt’s Sabbour group.

Manazel Real Estate Co will market and sell the project, as well as collect sales values.

It will also be responsible for the disposition of all $12.5m-worth of units, to be paid in instalments over a three-year period, according to KUNA.

READ: GCC project progress takes Kuwait's Mazaya to $10m profit in H1 2018

Manazel Holding said there was no impact on its financials due to the contract yet.

Kuwaiti developers have had a busy year, with numerous high-profile developments launched or completed in 2018.

Among these is the new $86bn (KWD26.1bn) Silk City development, part of the Kuwait National Development Plan 2035, the masterplan and construction details of which were revealed earlier this year.

One of Silk City’s main attractions is expected to be the Mubarak Al-Kabir tower, a 1km (1,001m) development that will rise to 234 floors, and house 7,000 people. Seven “vertical villages”, including hotels, residences, offices, and entertainment facilities are expected to be developed within the tower, according to Kuwait’s state news agency, KUNA.

READ: Construction plans of Kuwait's $86bn Silk City revealed

Jaber Bridge, planned to become the world’s fourth-longest of bridge, is a key part of the Silk City development, where five islands are expected to be developed.

The latter includes the Mubarak Al-Kabeer port, which “will help the country to open to the world commercially and economically, and serve Kuwait's interests”, according to the report.

 

 

 

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Nov 23, 2019