JEDDAH: The Ministry of Housing represented by the New Urban Communities and Saudi-Egyptian Alliance Mountain View-Sisban unveiled Egypt’s biggest upcoming project — $3.6 billion Mountain View iCity — which is set to be developed in New Cairo City with investments exceeding $3.6 billion.
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.
The announcement was made at a ceremony patronized by Egypt Prime Minister Sherif Ismail, with Egyptian Housing, Utilities and Urban Development Minister Mustafa Madbouly attending.
Participants in the event included Amr Soliman, chairman of Mountain View; Ayman Ismail, chairman of Dar Al-Mimar Group; Ali Al-Sharif, president of Sisban Holding, and a number of business figures from the two countries and the Arab world, as well as celebrities and members of the press.
Set to be built in New Cairo City, the project aims to provide modern, affordable residential units, while offering more than 200,000 direct and indirect job opportunities.
The total area of the project is 2.1 square kilometers.
Mountain View iCity will be developed over an area of two square kilometers and is one of the first major projects in Egypt to be based on a public-private partnership, in which Mountain View-Sisban will own 60 percent, with the remainder belonging to the Egyptian Ministry of Housing, represented by the New Urban Communities Authority.
The memorandum of understanding was signed at the Egypt Economic Development Conference in Sharm Al-Sheikh. The project aims to press on with real estate development and investment by providing modern, affordable housing.
Dar Al-Mimar Group, in partnership with Callison RTKL Associates, 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.
The company said that Mountain View iCity is a paragon of innovative solutions that will transform real estate development in Egypt and the Middle East.
“Today we are reaping the benefits of the Egypt Economic Development Conference in Sharm Al-Sheikh,” said Madbouly.
“This project reaffirms the confidence investors have in every facet of the Egyptian economy, and especially in the real estate sector, one of the pillars of our national economy.”
Welcoming cooperation with investors, both through partnerships and through facilities, he added that the Ministry of Housing will spare no effort to provide every possible facility and remove every existing or potential hurdle in the way of serious investment.
Among the smart technologies the project will spearhead is the I-Villa concept, which has inspired architectural design and innovative use of space as its hallmarks. With areas ranging from 100 to 500 square meters, I-Villas will be designed like villas but sized like apartments, each with its own entrance, green space and parking.
Ali Al-Sharif, president of Sisban Holding, said that 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,” he said.
“As we signed this agreement at the Egypt Economic Development Conference in Sharm Al-Sheikh, and throughout the process of signing contracts, receiving land, obtaining licensing, up to and including launching the project, it was tangible to us just how keen the Egyptian government is on encouraging investments and removing any and all possible hurdles, even holding workshops to overcome any obstacles that may arise.
“The result is the innovation and excellence that we see today, which match any of the world’s biggest projects. There is also 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. We come here today to mark yet another success as investor partners in this pioneering project, which will introduce new concepts and ideas that set the trend for a prosperous future in Egypt.”
$3.6bn Cairo residential project attracts foreign investment
$3.6bn Cairo residential project attracts foreign investment
Artificial intelligence is transitioning into a ‘digital employee’
- AI can be an effective tool, business leaders tell Arab News
- Not about jobs, but ‘convergence of human capital and AI’
RIYADH: Artificial intelligence is fundamentally reshaping the world of work, transitioning from a supporting tool to an active partner that is radically changing the nature of professions and productivity standards.
Amidst the current global transformations, an active regional digital environment is emerging.
This is being led by Saudi Arabia through Vision 2030 and massive investments in smart infrastructure, providing a living model for studying the implications of this partnership between humans and machines on the future of work in the region.
Arab News spoke to various business leaders about the emerging shape of the sector.
Salem Bagami, co-founder of Metatalent, said the ideal relationship between humans and machines at work should be complementary and collaborative.
Humans would bring creativity, emotional intelligence, and complex decision-making, while machines excel at processing big data and performing repetitive, precise tasks.
He believes that this type of balanced partnership would lead to unprecedented productivity and innovation.
Mohammad Al-Jallad, chief technologist and director at HPE, said AI has gone beyond being merely an executive tool to becoming a “digital employee” entrusted with automating routine tasks and providing insights based on data analysis.
He believes that the real opportunity lies not in the debate over job replacement, but in “the convergence of human capital and artificial intelligence.”
AI should augment human teams by taking on menial and routine tasks, enabling employees to focus on critical thinking, creativity, and ethical reasoning, significantly improving operational results.
Bagami also emphasized the complementary nature of this partnership. “The ideal relationship between humans and machines at work is one of collaboration, where each complements the others.”
He explained that humans bring creativity, emotional intelligence, and nuanced decision-making, while machines excel at processing big data and performing repetitive tasks efficiently, leading to increased productivity and innovation.
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Salem Alanazi, chairman of Jathwa Technology Co., notes a significant trend among Saudi Arabia companies toward using AI applications to provide faster services to customers at lower costs.
The emergence of the “virtual employee” available around the clock has eliminated the need for some traditional jobs in specific sectors.
Alanazi warns that some companies’ reluctance to adopt AI may expose them to real risks. “All those who hesitated to benefit from AI applications have a lack of understanding of these technologies.”
He said those who adopt these technologies will be able to offer lower-cost, higher-quality services, which will affect the market position of companies that lag behind.
Ali Aljumhour, CEO of VALUE Consultancy, said that the transition of AI into a partner has reshaped the list of most in-demand skills in the job market.
Skills such as “prompt engineering,” “human-machine integration,” and “digital ethics” are becoming increasingly important.
He added that AI has become an instantly available “technical knowledge base,” shifting the criteria for professional distinction toward those capable of smart interaction with these technologies.
In terms of ethics, transparency, and trust, Alanazi points to the complexities of global AI governance, where legislation overlaps and evolves rapidly to keep pace with potential risks, particularly in the areas of cybersecurity and privacy.
Al-Jallad emphasizes this crucial dimension, noting that providing responsible and reliable AI solutions that meet the highest standards of transparency is a key priority, especially in regulated sectors.
Bagami believes there should be basic standards for the ethical use of Al, emphasizing the need for transparency, accountability, and fairness, along with using diverse data sets to prevent bias and protect privacy.
He believes that building trust between humans and machines requires clear explanations of how systems work, giving users the opportunity to provide feedback and conducting periodic performance reviews.
On performance evaluation, Aljumhour said: “I expect radical changes in standards, shifting from measuring individual effort to evaluating the quality of the partnership between humans and machines.”
There should be a focus on the quality of inputs provided to intelligent systems, the accuracy of review and modification, and complex decision-making based on outputs.
He warns, however, of new risks that may arise, such as over-reliance on AI or difficulty in determining responsibility for mistakes.
In the employment sector, Aljumhour expects fundamental changes in standards.
There will be questions and tests focusing on measuring skills in dealing with AI, such as asking candidates about their experiences of collaborating with these systems, or testing their ability to formulate effective requests for complex tasks.
Aljumhour identifies significant human challenges in this transition, with “fear, loss of power, and exclusivity of knowledge” being the biggest concerns for experienced employees.
