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
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
