Chairperson and Managing Director of Administrative Capital for Urban Development (ACUD) Khaled Abbas has attended Nile Developments' ceremony of launching Taycoon Tower, Africa's highest hotel, in the New Administrative Capital (NAC). Abbas stated: "ACUD is in constant contact with all the developers to overcome challenges they face. Besides, the company is working hard to attract foreign investments, accordingly, the state provides all means of support for them to enter Egypt's real estate market especially the NAC." He elaborated that the NAC project is not only a real estate project, but also opens new horizons for investment in many other economic sectors and investment in education, health and infrastructure sectors. Chairpersons of Nile Developments Mohamed Taher said that his company has signed a new partnership with Millennium Hotels and Resorts to operate and manage Taycoon Tower hotel, a global trademark in hospitality management with 150 hotels operating around the world, which taps the Egyptian and African markets for the first time. Taher noted that Tycoon Tower is 233 meters high. Nile Developments is the first Egyptian private real estate developer to specialize in developing skyscrapers, which started its operations in 2021 in NAC's Downtown area, adding that the company has studied the return on investment (ROI) of such projects and found that buildings of 60 floor height at maximum have a large economic return and is an added value for buyers. Nile Developments cooperates with international experts on its state-of-art projects according to the latest international standards in design and construction. Therefore, the company has contracted with SIAC company, alongside joining hands with ACE Moharram.Bakhoum and Imad El-Sherbiny, who supervised the construction of some of the most famous and highest skyscrapers in Dubai and Saudi Arabia. Nile Developments is one of the real estate developers in the New Administrative Capital, as it owns two of the most important projects in the Downtown area on the tourist towers strip; the company develops Nile Business City project (the highest vertical city of 233 metres), and it consists of four towers including the recently launched: the administrative tower and Nile City Center (the commercial center of the project).
