Arabia Group, one of Egypt's leading real estate companies, has announced a new joint venture with Sun Capital, the £10 billion mixed-use development in 6th of October city.

The project, which spans over an area of 571 acres, will be developed with an investment of EGP 10 billion and will feature residential, commercial, and hospitality offerings.

"We are excited to partner with Sun Capital to execute this ambitious development project," said Mohamed Fahmy, CEO of Arabia Group, adding that the company has multiple projects in the pipeline that align with their strategic vision to provide world-class real estate solutions to clients.

Sun Capital's CEO, Hassan Allam, stated that the partnership with Arabia Group is a reflection of the company's pledge to work with leading local developers to create long-lasting value and offer unparalleled quality in the real estate sector.

The joint venture aims to create a high-end residential community with villas, townhouses, and apartments overlooking landscaped parks, water features, biking and walking trails, and a golf course.

Moreover, the project will also feature a central retail and entertainment destination, a five-star hotel, and an internationally accredited school, adding value to the already thriving 6th of October city.

According to a press release, the development is expected to create around 10,000 direct and indirect jobs during the construction phases and over 30,000 jobs once fully operational.

"This joint venture is a testament to our commitment to accelerating the pace of our real estate developments in Egypt and contributing to the country's economic growth," said Allam.

Sun Capital is a strategic project in the Egyptian government's plan to create sustainable urban communities across the country. The project has already attracted significant investment from both local and international investors due to its prime location and innovative urban planning.

Overall, the joint venture between Arabia Group and Sun Capital is set to create a game-changing development that will set a new benchmark for luxury living in Egypt. With the backing of two of the most respected names in the real estate industry, the project is expected to be a resounding success for years to come.