Las Vegas-based MGM Mirage has been selected as a joint venture partner in the development of an estimated billion-dollar-plus, mixed-use community near the base of the famous pyramids on the outskirts of Cairo.
All equity funding for the luxury project, called MGM Grand New Giza, will be provided by Giza Real Estate Development. MGM Mirage will provide management services.
Located 40 minutes from the airport, the 550-room MGM Grand will provide spectacular views of the city of Cairo and the famous Pyramids of Giza. It will be connected via electric train to the new and highly anticipated Egyptian antiquities museum.
"The New Giza development marks a new beginning for luxurious, master-planned communities in Egypt," says Gamal Aziz, President and CEO of MGM Mirage Hospitality.
Built over 1,500 acres of land, it will incorporate elegant homes, three resort hotels, lavish restaurants, shopping malls, all-inclusive sporting facilities and a high-end golf course.
"MGM's reputation for quality living, dining, entertainment, spa and nightlife offerings will provide the amenities, excitement and energy that reflect the lifestyle of this unique development."
MGM Grand New Giza is currently under design. The resort is anticipated to open in 2013.
Source: www.realestatechannel.com
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