Misr Italia Properties and Construction and Design (CONSTEC) signed a contract to construct two multi-level administrative buildings at Cairo Business Park in New Cairo. The cost of the project comes to a total cost of EGP 55m. Hany Al-Assal, board member of Misr Italia Holding Company, said that the contract is the first joint venture between the two companies. He said that the Cairo Business Park is the largest administrative complex at 75,615sqm, and consists of 42 administrative buildings with green space making up 70% of the total area. In addition, the park includes a hotel, a conference room, a full service area, restaurants, and parking lots. Al-Assal explained that Misr Italia has contracted the Engineering Consulting Bureau (ECB) as a consultant to manage the project, as well as take advantage of their office expertise. They expect ECB to give them quality standards and finish the project in a timely manner. General manager of CONSTEC Ashraf Abdel-Hakam said that the project's execution period is ten months and the company will handle the first phase of it. Abdel-Hakam pointed out that the first phase includes general site work, landscaping, concrete, and buildings. The two buildings are to be located on 33,000sqm of land, and each building will include a basement, a ground floor, plus 4 floors. He added that the project will be an addition to the real estate sector. Abdel-Hakam announced that CONSTEC is currently negotiating details of some new projects with a volume of about EGP 150m. He stressed that the company is keen to contribute to industrial, national, and developmental projects. The group is particularly interested in the New Administrative Capital project, whose aim is social benefits and impact on the Egyptian economy to alleviate the population congestion in the capital. "The company seeks to overcome all challenges of the contracting sector and the requirements of the labour market through following the latest scientific methods in management and advanced engineering solutions in the management and implementation," added Abdel-Hakam.
