Qatari Diar Real Estate Investment Company signed a contract with Consolidated Contractors Company worth more than USD 543.8 million to develop projects in Cairo and Sharm El Sheikh.

The contract allots USD 464.3 million for Nile Corniche project in Cairo and USD 79.5 million for coastal resort project in Sharm El Sheikh.

The Nile Corniche project is centrally located, offering the best of modern luxuries and integrated facilities in what is considered one of Cairo's most distinguished developments. Seventy percent of the project components are sourced from local industries.

Nile Corniche extends across 9,360 square meters and will include two massive towers with a range of residential and hotel accommodations. The North Tower will contain 28 levels of finished luxury apartments including 4 levels of penthouse suites while the St Regis hotel will occupy 10 levels of the South Tower with 17 additional levels of hotel, serviced and luxury apartments.

Retail outlets, restaurants and various office spaces and meeting rooms will occupy an additional 197,000 square meters of space along with 647 space underground car park, a library, children's center and indoor and outdoor swimming pools. Michael Graves Architects are the principal designers for the project while the Arup firm are the structural designers.

The Phase I of construction for Sharm El Sheikh resort is expected for completion in June 2012 whereby the project's concrete structures and mechanical and electrical works will be completed. Sub contractors and local contractors have been hired for this phase.

(Sourced from the Peninsula)