![[Egypt] Alkan Group sets eyes on Citadel Plaza with $600 million investment](Citadel Plaza.jpg)
[Egypt] Alkan Group sets eyes on Citadel Plaza with $600 million investment
Egypt’s Alkan Group has announced it will invest $600 million in the Citadel Plaza real estate project in the next five years as it seeks to grow its portfolio in the booming industry.
The project which will provide more than 15,000 jobs throughout the construction period will upon completion host a 5-star hotel which will consist of 320 rooms, conference halls, and an exhibition centre.
It will also have a shopping mall, restaurants, a children’s area, and a sports and health resort. The project’s parking lot will be designed to hold 7,000 cars at maximum capacity in what has been billed as one of the landmark real estate projects in Egypt’s history.
According to the chairperson and managing director of Alkan Group Khaled Nossier the company recently launched the construction of the administrative building in phase two of the ongoing project, adding that the group has begun construction work on the commercial areas to be followed by the construction of the project’s hotels.
The administrative area’s size in the first phase of the project reached 6,000 square meters, which was allotted for companies and international brand stores.
Nossier noted that the project’s total investments amounted to $337 million and that the majority of the project would be located in Moqattam near the Citadel.
He pointed out that the project will assist in developing the Citadel region. In addition, to the commercial areas the project will include a culture centre of art and modern administrative offices that are being developed according to international standards.
