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Third Millennium studies developing residential project with $170m investments Project will be developed in partnership with local investors and financed by Egyptian, Saudi banks
Third Millennium Group is considering the development of a residential project in 6th of October City and plans to establish a company in the Egyptian market, according to Abdullah Al Qathami, the chairperson of the company. Al Qathami told Daily News Egypt that the company held several meetings with Egyptian investors to begin developing an integrated residential project with initial investments of $170m. Al Qathami said that the project will be developed in partnership with local investors. The feasibility study included obtaining financial facilities from Saudi and Egyptian banks to guarantee the completion of the project within a short period of time. He noted that the company is preparing to contract with one of the Egyptian expert offices to prepare feasibility studies for the project before the final agreement on the projects. Moreover, he added that the Saudi companies that develop projects in the Egyptian market have achieved great successes, which motivates more companies to enter the market, but this requires the Egyptian government to announce investment opportunities and promotion in international forums. "Third Millennium Group plans to expand in North African countries, which are witnessing a boom in real estate investment, especially in Egypt, which is characterised by high demand and high rates of return, which stimulate investment, as well as recent government measures to attract foreign investment," he pointed out, adding, "The expansion of Egypt in establishing fourth generation cities, especially the New Administrative Capital and New El Alamein, creates great investment opportunities." He expected the coming period will witness a great demand by developers to pump more investments in the Egyptian market. Additionally, he mentioned that the company has a subsidiary contracting company that will implement the company's projects in the Egyptian market to ensure the completion of the project within a specified time and quality. Third Millennium Group has been operating in Saudi Arabia for 25 years and includes a group of companies specialised in contracting, real estate investment, and real estate services. The company has developed projects in various activities and carried out construction for the Ministries of Housing and Investment in Saudi Arabia.
