Gaza under Israeli siege as death toll mounts, famine looms    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Egypt Post discusses enhanced cooperation with Ivorian counterpart    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Opella becomes first global consumer healthcare firm to gain B Corp status    Philip Morris Misr announces new price list effective 1 July    EGX closes in red on July 1st    Gold gains as investors flee to safe havens    Egypt, Iran FMs discuss Gaza truce, nuclear talks revival    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation    Egypt's commodity reserves "very reassuring", some stocks sufficient for 9 months — trade chief    Egypt's FM, China's Wang discuss Iran-Israel escalation    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Greece starts clearing ground for Athens property plan after long delay
Published in Ahram Online on 03 - 07 - 2020

Greece started work clearing ground on Friday for a real estate project that plans to turn a disused airport on the Athens coast into one of Europe's biggest tourist resorts, three times the size of Monaco.
The former Hellenikon airport, a sprawling site of disused runways, terminals and venues used for the Athens 2004 Olympics, has been abandoned for almost two decades.
After years of delays due to bureaucratic red tape, political resistance and local opposition, demolition crews began tearing down the first block of buildings out of hundreds that need to be removed from the 1,500-acre plot.
Lamda Development, which secured the long-term lease on the site in 2014, plans to build a complex of luxury homes, hotels, offices, a yachting marina and a casino at a total cost of 8 billion euros ($9 billion).
"This is a project which symbolises a new Greece," Prime Minister Kyriakos Mitsotakis, whose Conservative government has promised to speed up the project, told a launch ceremony.
Development of the site was a requirement under international bailouts Greece reached with creditors.
Lamda, which first outlined its plan in 2013, has said it will spend about 2 billion euros in the first five years of an estimated 25-year construction phase, building two skyscrapers for offices and a hotel, and about 800 residences and a park.
It plans to demolish about a third of about 900 buildings on the site in the coming months and aims to start building infrastructure in the first half of 2021, Chief Executive Officer Odisseas Athanasiou said during the ceremony.
Before construction starts, Greece needs to resolve a dispute between two U.S. firms over the award of a tender to operate the property's casino.
The Hellenikon project is expected to create about 10,000 jobs during construction and attract thousands of tourists and investors to the Greek capital.


Clic here to read the story from its source.