Urban Development Fund and MINT Real Estate Assets Announce the Launch of “Fustat View” Project

The Urban Development Fund, in partnership with MINT Real Estate Assets, has announced the opening of reservations for the “Fustat View” project, a visionary multi-phase development aimed at transforming Cairo’s historic Fustat area into a dynamic economic and cultural hub. MINT Real Estate Assets, a subsidiary of Al Ahly Sabbour Developments, is leading this initiative. The “Fustat View” project is a critical component of the Fund’s strategic plan to leverage urban development as a catalyst for economic growth. With a total investment of 6 billion EGP, covering 40% of construction to date, the project will span 30 feddans and incorporate a mix of residential, hotel, and administrative units. The first phase is scheduled for delivery in 2025.

This initiative aims to generate significant economic benefits, including increased tourism revenue, substantial job creation, and enhanced private sector engagement. “Over the last 50 years, Egypt has achieved remarkable economic growth. However, this achievement was accompanied by various urban problems, such as the destruction of cultural and natural heritage sites dating back over 1,000 years, and the ghettoization of urban centers,” explained Khaled Seddik, Chairman of the Urban Development Fund. He added that Cairo City’s urban regeneration plan aims to restore local identities and achieve sustainable urban growth through public-private partnerships. “Fustat View represents another significant milestone towards the achievement of the urban regeneration plan in Cairo,” he said adding that the Fustat area falls within the government’s plan to revive the historical sites of Old Cairo. This comprehensive vision has been in place for over seven years, and includes the development of the Magra El-Oyoun Aqueduct project, the Al-Khayala area, Fustat Park, and now the Fustat View project. The plan is also set to include the development of the Ezbet Khairallah area in the future.

A critical aspect of the plan, according to Seddik, is leveraging public-private partnerships to revitalize urban centers. By implementing sustainable practices and ensuring citizen involvement, Egypt seeks to create vibrant, cohesive communities and serve as a model for future urban management.

“MINT Real Estate Asset Management comes as an extension to our strategy and expertise at Ahly Sabbour Developments, with a focus on creating independent entities and companies that provide diverse and innovative services and solutions. These offerings assist real estate developers in overcoming any obstacles they may face in creating vibrant communities across Egypt. This, in turn, supports the real estate development market in Egypt, fostering stable and resilient real estate entities that can withstand all challenges,” said Eng. Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour Developments.

He added that the partnership between MINT and the Urban Development Fund offers a strategic advantage, positioning the project in alignment with future models of urban development. Furthermore, this project will deliver a modern living experience with exceptional investment returns, aligning with our strategic vision for Fustat’s future as a leading investment, tourism, and entertainment destination. Sabbour further emphasized the strategic importance of asset management companies in current economic and socio-economic conditions, highlighting their role in optimizing investment returns, managing risks, and ensuring sustainable growth. These companies support socio-economic development by facilitating infrastructure projects, creating jobs, and fostering community growth, making them indispensable in achieving long-term financial and societal goals.

Strategically, the “Fustat View” project aligns with MINT’s mission to offer distinguished real estate products that match Egypt’s massive urban developments, focusing on principles of intelligence and sustainability. Dr. Tamer Erfan, Investment and Finance Officer of Al Ahly Sabbour Developments and Chairman of MINT, added, “Fustat View is perfectly aligned with MINT’s mission to provide innovative real estate solutions and value-added investment in asset development. The strategic location, variety of unit types, and proximity to key transportation hubs make this project a prime investment opportunity.”

Further underscoring the state’s efforts, the development of Fustat Hills Park, overlooking the “Fustat View” project, represents a significant addition that will transform the area into an internationally recognized destination. As the largest park in the Middle East at 500 feddans, it will include hotel services, open theaters, archaeological areas, and heritage gardens. The park’s elevated location will provide exceptional views of historical landmarks such as the Citadel of Salah El-Din and old mosque minarets, extending to the Giza pyramids. The Urban Development Fund has chosen the global company “Innovo” – Al Shaafar for the project design, combining classical and contemporary elements to reflect the area’s spirit and Egypt’s modern aspirations.

Ms. Alia El Nagdi, CEO of MINT Real Estate Assets, commented, “Fustat View” represents a unique investment proposition. The initial phase will feature 7 residential buildings, boasting a sales value exceeding EGP 1 billion. As the project progresses, total sales are projected to reach an impressive EGP 10 billion, reflecting the significant investment potential. Residents will benefit from an array of amenities and a prime location directly overlooking Fustat Hills Park, the largest park in the Middle East. This strategic positioning underscores our commitment to delivering high-value, sustainable real estate investments.” The compound will feature 1,412 fully-furnished residential units, a mall, administrative units, and hotel apartments. The project includes various facilities such as a mosque, parking, kids area, and sports playgrounds, gym, and nursery, as well as green landscapes. Owning a unit in this project represents a tremendous investment opportunity, given the promising residential, recreational, and tourism future of the surrounding area.

The “Fustat View” project is a strategic milestone in the government’s broader initiative to elevate Fustat into a major investment, tourism, and entertainment hub. The project’s strategic impact is expected to enhance the region’s economic vitality and establish it as a premier destination for investment and development.