the course of the company’s relentless efforts to expedite the implementation pace and construction works in its various projects, Inertia announced its partnership with Redcon Construction for works on its mega project, Jefaira in the North Coast. The partnership between the two companies regarding required construction works for Jefaira is worth EGP 450 million and has commenced in June.
Spanning over 5.5mn square meters on the North Coast, Jefaira boasts one of the longest beaches in the North Coast, in addition to its vast green spaces, and a wide range of services and amenities.
Ahmed El-Adawy, CEO of Inertia stated “Inertia is always keen to partner with prominent companies to ensure top-tier execution for all the works required for its projects, including Jefaira, being one of the largest and most important projects of Inertia. Worth mentioning, Redcon Construction is one of the leading contracting companies known for its timely and professional projects’ execution.”
“Inertia and Redcon Construction are pleased to announce that they have entered into a fruitful partnership to expand the construction works and capacity throughout our projects.” El-Adawy added.
Hussein Rifai, Co-founder and CEO of Inertia Holding Group, said, “Jefaira owns the largest share of the company’s land portfolio, hence, the bulk of the company’s investments and plans are directed to that project. This comes in line with the state’s vision of developing the northwestern coast, especially as Jefaira will be among the 4th generation projects focusing on sustainability in a fully integrated manner and a comprehensive concept, strengthening its position as an extension to the new cities of Alamein and Ras El-Hikma. Driven from the fact that the future of these cities will shift from summer destinations to year-round cities, Jefaira focuses on establishing residential units and hotel apartments suitable for year-round living, complemented with health, recreational, and educational facilities.”
Redcon Construction Chairman of the Board of Directors, Engineer Tarek Elgamal, said “Our recent collaboration with Inertia is a valuable addition to the company’s business record, particularly in the North Coast region. Noting that numerous major companies in the private sector have submitted proposals to carry out the implementation of a number of their affiliated projects located in the North Coast. Worth mentioning, the decision to work with Inertia came after a thorough examination and comprehensive study of the work required, and preparing for their commencement on the agreed-upon date. Further, the state’s interest in the North Coast and its attempts to transform it to a year-round living destination has positioned this area as one of the most promising for real estate investments.”
Inertia owns a huge portfolio of land in Greater Cairo, the North Coast and the Red Sea, amounting to 6.3 million square meters, with investments of up to EGP 71 billion pounds, through 8 major projects. Furthermore, the total number of units available was roughly 5,000 residential and commercial units, with a sales ratio of around 74%.