Egypt Housing Ministry presented with proposal to build US$ 1.1bn safari park
Posted on 7th April 2015
A global consortium has presented a proposal to the Egyptian Housing Ministry to build a safari park worth US$ 1.1 billion, a report said.
The consortium includes UK-based Chipperfield Companies Group, Canadian Maple Leaf and other investors, added the Daily News Egypt report.
The 1,038-acre project in 6th of October City will be completed over five years, Tariq Bahgat, chairman and CEO of ‘300 Years History for Entertainment and Environmental Projects’, a subsidiary of Chipperfields Group was quoted as saying in the report.
Bahgat added that the Egyptian government will have a stake of 22.36 per cent, or US$ 239 million, in the project, which is equivalent to the price of the land, and will be reimbursed starting from the third year of the project’s operation and over 10 years.
This is in addition to the expected revenues which the Egyptian government will make, which is estimated to be 39.9 per cent of the total cost, he explained.
Initially, the project will be built on about 400 acres of the safari and theme park, which will be completed within 18 months after obtaining the licences, while the rest of the project will be completed over the remaining period of five years, Bahgat was quoted in the report.
The project will also include an African-themed 5-star hotel managed by South Africa’s Glen Afric, in partnership with Canadian investors specialised in developing hotels, the report said.
Bahgat added that the cost of the first phase is about US$150 million, to be completed in 14 months, and will include a zoo and shopping malls.Back to all Construction News
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