Egypt is constructing Africa’s tallest building designed by the late architect Zaha Hadid in 2007, the “Nile Tower” will be part of a plan to transform the area between downtown Cairo and the Nile River into an upscale district.
The top floors gives one an opportunity to see the pyramids. The Nile Tower has been described as one that tells the world that “Egypt is ready for business.”
The latest BNC Network report shows that Egypt construction industry is booming with 1,400 active construction projects worth $348.2 Billion currently underway in the country.
The Nile Tower Project
Designed by the late architect Zaha Hadid in 2007, the “Nile Tower” will be part of a plan to transform the area between downtown Cairo and the Nile River into an upscale district.
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Set with a construction budget of $600 million, Nile Tower building will be located between downtown Cairo and the Nile, the new tower was supported by former Egyptian president Hosni Mubarak, but the project was put on hold during the political unrest in 2011.
The investments for the project is set at $600 million, though it’s likely to cost nearly $150 million more according to Diaa Tantawy, the design manager at Living In Interiors, the company developing the “Nile Tower” building.
The top 36 floors will be apartments, the middle 18 floors will be a hotel with approximately 230 keys and the remaining floors below will be reserved for amenities like a casino, night club, spa, health club and shopping area.
The tower faced further issues with economic reforms as the country’s currency weakened and importing building materials became more expensive.
The construction sector in Egypt has seen tremendous growth in recent years thanks to strong demand for energy and infrastructure projects, as well as real estate. However, it has not been immune to the short-term economic instability in the aftermath of the currency float, posing challenges amid potential.