Mountain View-Sisban, a joint venture between Saudi-based Sisban Holding and leading developer Mountain View, has launched its giant $3.6-billion luxury residential project in New Cairo, Egypt.

The project’s general layout will encompass a comprehensive urban community that will meet the requirements of sustainable development in Egypt according to world-class standards and the latest in architectural design, said Sisban, a leading Saudi company with multiple partnerships both in the kingdom and overseas.

Dar Al Mimar Architects, in partnership with CallisonRTKL, a major architectural house, will jointly draw the design and layout of the project, which is set to combine innovative design with modern construction. It will be built to world-class standards with all-Egyptian manpower.

Set to be developed over an area of 2 sq km, Mountain View iCity is one of the first strategic projects in Egypt to be based on the concept of public-private partnership, said Amr Soliman, the chairman of Egyptian company Mountain View, at the launch event held in the presence of Egyptian Minister of Housing, Utilities and Urban Development Dr Mostafa Madboly.

Senior officials including Ayman Ismail, the chairman of Dar Al Mimar Group, Ali Al Sharif, the president of Saudi Arabia’s Sisban Holding Group, and a number of business figures from the two countries attended.

As per the deal, Mountain View-Sisban will own 60 per cent, with the remainder belonging to the Egyptian Ministry of Housing.  The project is part of Egypt’s drive to push ahead with real estate development and investment by providing modern, affordable housing.

The project comprises a series of concepts implemented using smart technologies mainly adopting the iVilla concept, which has inspired architectural design and innovative use of space as its hallmarks.

With areas ranging from 100 to 500 sq m, iVillas will be designed like villas but sized like apartments, each with its own entrance, green space and parking, it stated.

Ali Al Sharif, the president of Sisban, said: "The Mountain View iCity project would add more value to the Egyptian national economy, especially given that it sparks off the beginning of a complementary partnership with the Egyptian government, not to mention the many opportunities it has to offer to Egyptians, which range from numerous job opportunities to innovative business spaces to various choices of upscale housing."

"We are confident that Egypt is a promising market with huge potential for investment. There is the benefit of the possibility for foreign investors to own property in Egypt, which has Saudi, Arab, and global investors looking forward to confidently place our investments there and consolidate our presence in our second home," stated Al Sharif.

Amr Soliman, the chairman of Mountain View, said: "We celebrate with you today the launch of the Mountain View iCity project, which coincides with the 10th anniversary of Mountain View’s presence in the Egyptian market, during which the company has developed 10 million sq m, and built and delivered 10 residential communities to more than 10,000 clients."

The Mountain View iCity, he stated, will be built according to world-class environmental standards, with smart solutions to separate human traffic from automotive traffic.

"One of the concepts to be used in this regard is the No Car Zone, in which pedestrians can enjoy an automobile-free space," he added.-TradeArabia News Service