CAIRO & ORLANDO, Fla.--(BUSINESS WIRE)--ATIP New Capital Entertainment, LLC (ATIP Entertainment) today announced the signing of a contract with the Administrative Capital for Urban Development (ACUD) to develop the USD $20B Entertainment District (District), spanning 4,256 Acres (4,100 Feddan) in the heart of Egypt’s New Administrative Capital, which has been under construction since 2015. Additionally, ITEC Entertainment Corporation (ITEC) has been awarded the contract to provide design, entertainment technology, and management for ATIP’s development of the destination.
The District will be built in three phases over a 7 to 10 year period, and is projected to create approximately 700,000 total jobs. The plan envisions 4 and 6-star resorts and themed hotels; a wellness center; vacation rentals; luxury homes, villas and high-rises; high-end and regional shopping and dining; a VIP golf course and other recreational and green space activities; world-class theme parks; a cultural arts center; a convention center; a planetarium; aviary, butterfly, topiary and botanical gardens/conservatories; a museum and recreational activities for children; a Formula One racetrack; a sports and concert stadium; and an entertainment college for training future global entertainment and travel destination development leaders.
The District will feature two iconic landmarks: the world’s tallest observation wheel, with unique views of Egypt’s past, present and future, as well as the world’s tallest obelisk, an ancient symbol of Egypt’s cultural heritage designed to point toward the country’s bright future. The development will welcome visitors through a cutting-edge multi-modal transportation hub that will connect with the New Administrative Capital’s superhighways, infrastructure and high-speed rails.
Attending the contract signing ceremony at ITEC Entertainment headquarters in Orlando, Florida were the following persons: for ATIP, Chief Executive Officer (CEO), Elsayed Zayan, Executive Vice President and General Counsel, Abraham Borenstein, Chief Business Officer, Solon Kandel, and Senior Vice President, Hesham Afifi; for ACUD, General Ashraf Fatteen; and, for ITEC Entertainment, Chief Executive Officer (CEO), Bill Coan, and Business and Operations Advisor, Steve Baker.
ACUD Chairman, Ahmed Zaki Abdeen, commented on this major contract milestone by observing that, “Egypt sits at the center of the world, as a cradle of civilization and ancient heritage. Today, Egypt enjoys one of the fastest growing economies; a robust population of over 100 million people with an educated, qualified and motivated workforce; and visionary leadership to move the country forward with powerful creative and business initiatives, such as the New Administrative Capital with ATIP’s Entertainment District centerpiece.”
Elsayed Zayan, ATIP Entertainment’s CEO, added: “Egypt is already a world-class and convenient travel destination. With the development of the smart New Administrative Capital, supporting infrastructure and a dedicated commitment to lucrative business outcomes, ACUD has welcomed ATIP Entertainment to share Egypt’s perspective for a bright future, featuring this premier travel destination venue. Together, ATIP, ACUD and ITEC Entertainment will honor Egypt’s past, leverage its present commitment to growth and prosperity, and build the future of recreation, culture, leisure, shopping and hospitality for the Middle East.”
Bill Coan, ITEC Entertainment CEO, stated, “ITEC is proud to bring its 30 years of entertainment development experience with clients such as Universal Studios, Walt Disney and China’s Wanda Group, to ACUD and its visionary plan for the Entertainment District in Egypt’s New Administrative Capital. Our approach to this project brings a creative and technical synergy to create the most culturally expressive and dynamic experience to every person in every area of this amazing destination. We believe this project will elevate Egypt’s standing as a world leader and accelerate Egypt’s rapid economic growth with long term, sustainable development.”
ABOUT ATIP
The ATIP Group of Companies and its many affiliates comprise a diversified conglomerate, spanning a variety of multi-national services and solutions. ATIP starts with its visionary global Halal Initiative, under the Circle H (Ⓗ™) proprietary brand, which modernizes Halal lifestyle across all major economic “Sectors”: food, finance, pharmaceuticals, cosmetics, tourism, fashion, media/entertainment and healthcare. ATIP is also a global player in Business Development; Consulting; Technology, Real Estate, Infrastructure and Project Development; Trading & Import/Export, including Commodities; Finance; and Operations. See, www.atip-group.com; www.halalcircleh.com.
ATIP New Capital Entertainment, LLC, is one of ATIP’s commercial real estate development companies, which has been awarded exclusive rights in the New Administration Capital of Egypt, partnering with the Administrative Capital For Urban Development (ACUD), to sponsor, develop and operate a world class, multi-billion-dollar mixed-use entertainment, hospitality, shopping and recreation destination project. The project encompasses theme parks with related shopping, hotel, restaurant, educational, cultural, sports and other experiences, as well as iconic landmarks and luxury and vacation homes and villas, designed to create one of the world’s largest and most unique destinations in the world.
ABOUT ACUD
The Administrative Capital for Urban Development (ACUD) is the owner and developer for the New Administrative Capital (NAC) currently under construction in Egypt. The NAC is located 35 KM east of Cairo and consists of a total area of 170,000 Feddan (176,433 Acres). The new capital city will help to strengthen and diversify the country’s economic potential by creating new places to live, work and visit. In order to draw people to this new capital city, a series of key catalyst developments will be established at its core. This will include a new government administrative district, a cultural district and a wide variety of urban neighborhoods. See http://www.acud.eg/
ABOUT ITEC ENTERTAINMENT
ITEC Entertainment Corporation is a global industry leader of award-winning, entertainment solutions that ignite the dreams of hundreds of millions of people all over the world. ITEC’s culture of performance and innovation pushes the frontiers of themed entertainment design, technology and production to new heights. Founded in 1985, ITEC has delivered over 300 of the most successful and comprehensive guest experiences spanning: theme parks; cultural attractions; rides & shows; real estate development & mixed-use; resorts; entertainment centers; and themed dining. ITEC is headquartered in Orlando, Florida with offices in Los Angeles and Shanghai, China. For more information, visit www.ITEC.com.
