News Archive

Construction of KUWADICO’s "Grand Heights" project continues despite of the ongoing political unrest in Egypt

24 - December - 2013

NREC subsidiary Kuwait Wadi El Nile Urban Development Co. (KUWADICO), has reaffirmed that construction of the Grand Heights residential project continues to make excellent progress despite of the ongoing political unrest in Egypt. Located in Sixth of October City on an area of 3.8 million square meters, Grand Heights is one of the new urban residential developments in the area.

"KUWADICO has completed 95% of infrastructure works in the Grand Heights project. This achievement underscores KUWADICO’s commitment to deliver the first phase of villas by the second half of 2014 as per our development plan." stated Mr. Khaleel Al-Abdullah, KUWADICO Managing Director and NREC Vice Chairman.

Mr. Khaleel also announced the signing of two strategic partnerships with Amer Group and Mountain View Real Estate Company, articulating the development plans for the two projects within Grand Heights. Amer Group and Mountain View are well established real estate companies with strong track record in developing mixed-use projects in Egypt.

Grand Heights is a dedicated urban housing project and represents the first cooperation between the NREC and KUWADICO. KUWADICO was established as a joint venture between NREC and Wadi El Nile Construction Company with 80% and 20% ownership, respectively. The two companies continue to explore new investment opportunities in the Egyptian real estate market, which is expected to recover and grow in the coming years.