Engineer Mahmoud Kamal El-Farraggy, Chairman of the Board of the International Company for Construction and Real Estate Development, announced the injection of more than EGP 800 million into the “New Fustat City” project to develop an integrated commercial, administrative, and residential complex. The project aims to enrich community services and strengthen the city’s position as a modern urban hub.
The project will be established on the company’s land in Fustat and will include diverse facilities such as cinemas, a restaurant district, gardens and children’s centers, a hypermarket, shops featuring top international brands, permanent exhibitions for Egyptian products, banking services, and office spaces. The project is designed to meet residents’ needs and support the economy by creating job opportunities and attracting international investors.
El-Farraggy emphasized that the company designs its projects with a human-centered approach that fulfills community aspirations and reflects the continuity of life, stressing the importance of balancing urban development with aesthetics.
The New Fustat project spans 800 acres, of which 40% is allocated to green spaces and services. It features designs inspired by Islamic architecture and consists of phases that include various residential towers, combining luxury with practicality.
El-Farraggy praised the cooperation with the Ministry of Electricity to enhance the Fustat power grid by adding five transformer rooms at a cost of EGP 30 million, which will boost electricity supply stability and improve energy services for residents. He expressed appreciation for the integration of efforts between the private sector and the government to achieve development goals.
The project also supports the company’s corporate social responsibility strategy by building strong infrastructure and fostering sustainable partnerships. Additionally, the new mall will increase the real estate market value and transform “New Fustat” into a prime destination for visitors and investors alike.
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