Mercon Developments, Eltamayoz partner to launch 25-acre mixed-use project in New Cairo worth US$490M

EGYPT –  Mercon Developments and Kuwait’s Eltamayoz Co have announced a strategic partnership to launch a large-scale mixed-use project in New Cairo, with a total investment value of EGP 18 billion (US$490 million).

The project, named Riverton, is situated in the prestigious AUC district, reflecting a significant addition to New Cairo’s urban landscape.

Mercon Development’s Chairman, Ahmed Embaby, revealed that Riverton will span 25 acres and include a wide range of residential, commercial, and hospitality components designed to cater to diverse market needs.

The development features 13 apartment buildings, 103 villas, a 30,000-square-metre shopping mall, and a 120-key, five-star hotel.

The hotel within the project will be operated by Gewan Hotels & Resorts, bringing an international level of service and luxury accommodation to the complex.

This addition aims to attract both local and international visitors, enhancing the project’s appeal as a vibrant destination.

Construction on Riverton is scheduled to begin in approximately three months. The project is planned for full completion within a four-year timeframe, positioning it as one of the most ambitious developments in the New Cairo area.

The mixed-use format reflects changing urban demands for integrated living, shopping, and hospitality, offering residents and visitors convenient access to amenities in a single vibrant environment.

The focus on community-oriented design is expected to enhance lifestyle quality and economic activity.

The investment underscores the confidence of both Mercon Developments and Eltamayoz Co in Egypt’s growing real estate and tourism markets.

The collaboration brings together Mercon’s local expertise and Eltamayoz’s regional market knowledge, fostering synergies for successful project execution.

Riverton’s mall component will provide retail and entertainment options, further boosting the area’s attractiveness.

The apartments and villas are designed to appeal to a wide range of buyers, from families to professionals seeking premium living spaces.

This major upcoming development reflects broader urban expansion trends in New Cairo, supporting the city’s evolution as a key economic and residential hub within Egypt.

As construction progresses, Riverton is expected to contribute significantly to local employment and economic growth, bolstering Egypt’s real estate sector.

The successful partnership between Mercon and Eltamayoz marks a milestone in cross-regional collaboration for transformative urban projects in the region.

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