Plans for a mega-leisure development in Egypt, which were derailed by the Egyptian Revolution in 2011, are back on track according to one of the key players behind the US$1.1bn (€1bn, £738m) safari, theme park and hotel development near Cairo.
A consortium – made up of Egypt-based 300 Years History, UK-based Chipperfield Companies Group, Canada’s Maple Leaf, South Africa’s Glen Afric and Italy-based Pinfari Coasters – is behind the proposal, which has been submitted to the Egyptian Housing Ministry for approval.
The ‘Adventure City’ plan is the brainchild of Dr Tariq Bahgat, chair and CEO of 300 Years History, who has been working closely with consortium partner Chipperfield for some time on the project.
“Back in 2009 [Bahgat] contacted me to go to Egypt and look in to what it would take to get the project started and since then it has progressed significantly,” said Chipperfield Companies Group managing director, John Chipperfield, speaking exclusively to
AM2.
“We were making great progress and then the political situation changed in Egypt with the revolution. Now the country is getting back into its stride, [Bahgat] has resurrected the project, working for the last year to form the consortium and develop the plans.”
The proposed development in 6th of October City will cover 4.2sq km (1.6sq m) and will be built over a period of five years. According to Chipperfield, the Egyptian government will take up a 22 per cent stake in the project, handing over the land required for development. The land deal represents a 10-year US$239m (€219m, £160.3m) loan with the government seeing a return after three years of operation. The first phase of development comes at a cost of US$150m (€137.9m, £100.6m) and will include the safari park, theme park, a zoo and a shopping mall.
“All the funding for the first phase of development is there,” added Chipperfield. “There’s also agreed commitments for ongoing funding after phase one. The government is giving the land and that’s their stake. No contracts have been signed yet but I believe these are being drawn up right now.”
Once open, the park would be 1.68sq km (0.65sq m) in size, with further expansion taking place over a period of five years. The consortium’s masterplan includes an African-themed five-star hotel managed by Glen Afric, further retail outlets, a film studio and residential homes, as well as room for further expansion of the safari park and theme park.
Chipperfield will operate as the leisure developer for the project, while Maple Leaf will specialise in the development of the shopping mall and hotel. South Africa-based Seanton Thompson will work on the project’s environmental impact and Pinfari will make bespoke rides for the theme park element.
“6th of October city is an area of new development in New Cairo which is expanding at a huge rate,” said Chipperfield. “All the new developments are happening there and this will be a huge project within that area. Our plan includes residential real estate, which will tie in well with New Cairo.”
The consortium is hoping to have approval for the project within a month dependant on legal paperwork. Work on the development would start within 18 months of the proposal gaining approval. Architects for the project have been chosen, though they have not yet been named.
“I had a meeting with Dr Baghat and Egypt’s housing minister, Mostafa Madbouly,” said Chipperfield. “The government is keen to have projects of this kind in Egypt now because of all the problems that occurred in the wake of the Egyptian revolution in 2011. Now things are getting back on track, I’m confident the project will be completed and Chipperfield is gearing up for that eventuality.”
