ITEC Entertainment contracted to design ATIPs futuristic 'city within a city'; A new international travel destination and cultural center for recreation, leisure, shopping and hospitality
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 Egypts 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 ATIPs 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 worlds tallest observation wheel, with unique views of Egypts past, present and future, as well as the worlds tallest obelisk, an ancient symbol of Egypts cultural heritage designed to point toward the countrys bright future. The development will welcome visitors through a cutting-edge multi-modal transportation hub that will connect with the New Administrative Capitals 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 ATIPs Entertainment District centerpiece.
Elsayed Zayan, ATIP Entertainments 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 Egypts perspective for a bright future, featuring this premier travel destination venue. Together, ATIP, ACUD and ITEC Entertainment will honor Egypts 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 Chinas Wanda Group, to ACUD and its visionary plan for the Entertainment District in Egypts 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 Egypts standing as a world leader and accelerate Egypts rapid economic growth with long term, sustainable development.