UAE-Backed VIE Communities Enters Egypt With New Cairo Development Project

Dubai (PlantAndEquipment.com) - VIE Communities has joined the Egyptian real estate market with the introduction of its first project in New Cairo, which represents a partnership between Egyptian and UAE investors.

The corporation, founded as an Egyptian joint stock company, specializes in investing, development, and construction. Its initial stockholders include Glamour Jewellery Egypt, DAMAS Real Estate UAE, and Haitham Samir.

VIE Communities is partnering with Nations of Sky, the master developer of the residential complex, to build the Zomra East project's services zone with an initial capital of around $20 million.

The development would cover around 65 feddans and will contain commercial, administrative, hotel, and entertainment facilities, as well as a sports club and a prominent tower that will stand roughly 90 meters tall.

The project will be completed in stages, with the first phase anticipated within two years. Hotels, serviced apartments, a medical area, and flexible commercial space will all be part of the overall development.

VIE Communities said it is also looking at further investment possibilities in Egypt as part of its overall development plan.