Damac awards Cairo villa contract to EUC
Dubai, July 21, 2009
Damac Properties on Tuesday said it has awarded the construction contract for 275 villas within its Hyde Park development in Cairo to the Egyptian Union for Construction (EUC), also known as El Hazek.
EUC has a strong track record for meeting construction deadlines, and has a long and reliable history of delivering high quality projects in both Egypt and Qatar, the company said in a statement.
“EUC was chosen mostly for its reliability, but also just as important is the high standard of its final product. We only have to look to the list of projects which the contractor has already constructed over the last decade to see that Damac has made the right choice in partnering with EUC,” said Alaa Ayoub, CEO of Damac Properties in Egypt.
Established in 1979, EUC has an impressive list of projects to its name; highlights include the Sheraton Sharm Hotel, Resort & Villas, which it constructed between 1996 and 1999.
In 2006, EUC built luxurious villas for the Costa del Sol compound located on the North Coast, and is currently constructing a residential compound called Lana Hills, located in Sahl Hasheesh – Hurghada, In addition to Lake View Compound located in New Cairo.
In Qatar EUC is currently constructing the second largest mosque in the country.
Ayoub said Egypt's Housing and Development Bank (HDB) and its associates had recently acquired 60 per cent of Damac Properties’ development at Hyde Park New Cairo.
'We are delighted with our recent alliance and we look forward to a long lasting and a mutually beneficial business relationship in Egypt. We also feel confident that our joint venture will not only be good for both organisations but most importantly for the benefit of our customers,” he noted.
For Damac, EUC will undertake the construction of 275 villas within its Hyde Park development, located in New Cairo and set on 4.7 million sq m. Bassenian Lagoni Architects have designed Hyde Park’s villas along the theme of “Italian-Country, California-Spanish and Neo-classical”.
The mobilization and construction work is expected to commence immediately, he added.-TradeArabia News Service