Otis Chosen by Mountain View for Egyptian Real Estate Projects

Rhea-AI Summary

Otis (NYSE: OTIS), the global leader in elevator manufacturing and services, has secured a significant contract with Mountain View Real Estate Development in Egypt to provide 265 Otis Gen2® Prime elevator systems across three major residential projects.

The installations will be implemented in Mountain View's developments including the Mountain View 1.1 Project extension in New Cairo, Mountain View iCity in New Cairo, and iCity in 6th of October City. The elevators will feature 4-7 stops and include high-quality stainless steel finishes for automatic doors and cabins.

This collaboration aligns with Mountain View's vision of developing innovative urban communities while leveraging Otis's advanced technology to enhance residential living standards in Egypt's real estate sector.

Positive

• Secured major contract for 265 elevator installations in premium Egyptian real estate projects
• Expands Otis's presence in the growing Egyptian real estate market
• Strengthens partnership with a leading Egyptian real estate developer

Negative

• None.

News Market Reaction – OTIS

+0.43%

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+0.43% News Effect

On the day this news was published, OTIS gained 0.43%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Otis will provide advanced elevator solutions for three innovative communities.

CAIRO, Sept. 8, 2025 /PRNewswire/ -- Otis (NYSE: OTIS) the world's leading elevator and escalator manufacturing, installation and service company, will provide and install 265 Otis Gen2^® Prime elevator systems for Mountain View Real Estate Development's residential compound projects, including the extension of Mountain View 1.1 Project in New Cairo, Mountain View iCity in New Cairo, and iCity in 6^th of October City.

Gabriele Agostini, Otis Managing Director for Egypt said, "Our advanced elevator solutions will complement Mountain View's sustainable, futuristic vision. We're delighted Mountain View has chosen Otis Gen2 elevator systems for their technology-rich, energy efficient and space-saving design to support these residential and mixed-use projects and to help shape Egypt's real estate landscape."

"Mountain View is dedicated to building communities where happiness and a sense of home are central. Our commitment goes beyond developing conventional urban communities; we have pioneered innovative concepts aimed at enriching daily life experiences. With Otis' reliable and advanced elevator solutions, we are elevating the living standards within our projects. Otis helps us ensure that our communities benefit from world-class technology and engineering excellence," said Maged Moubarak, Chief Projects Officer, Mountain View Real Estate Development.

Otis will install elevators with configurations from four to seven stops. Each elevator is crafted with meticulous attention to detail, featuring high-quality stainless steel finishes for automatic doors and cabins, ensuring a sleek and modern aesthetic that complements the building design.

To learn more about Otis products and services, visit www.otis.com.

About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.

About Mountain View
Mountain View is a leading Egyptian company founded in 2005 with the aim of developing integrated urban communities. The company adopted a unique vision, 'Bringing life to land and spreading happiness around us,' by applying the 'Science of Happiness and Innovation' in its projects and implementing them according to global standards. Over almost 20 years of urban development, Mountain View, within the framework of its mission 'Together building a lighthouse to inspire towards meaningful, happy communities,' has successfully developed more than 20 distinctive projects in three main destinations: West Cairo, East Cairo, and coastal areas overlooking the Red Sea and the Mediterranean. Within the company's plan to expand into other markets, Mountain View announced the launch of "Mountain View KSA" in 2024 in partnership with Maya Real Estate Development and Investment Company and Al Saedan Real Estate Company. Led by a team of experts and distinguished professionals, the company is committed to delivering the latest architectural and engineering designs and innovative concepts, such as "The Lighthouse"—the first place dedicated to community happiness—which operates its distinguished projects, allowing families to "Experience Happiness". To learn more, www.mountainviewegypt.com, and follow us on LinkedIn, Instagram and Facebook

Otis contact:
Ipek Akyildiz
Communications Manager
ipek.akyildiz@otis.com

Mountain View contact:
Riham Saleh
Corporate Communications Sr. Manager
riham.saleh@mountainview-eg.com
M +201002777271

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SOURCE Otis Worldwide Corporation

FAQ

How many elevators will Otis (NYSE: OTIS) install in Mountain View's Egyptian projects?

Otis will install 265 Otis Gen2® Prime elevator systems across three Mountain View residential projects in Egypt.

Which Mountain View projects will receive Otis elevator installations?

The installations will be in Mountain View 1.1 Project extension in New Cairo, Mountain View iCity in New Cairo, and iCity in 6th of October City.

What are the specifications of the Otis elevators for Mountain View's projects?

The elevators will feature 4-7 stops and include high-quality stainless steel finishes for automatic doors and cabins, designed with energy-efficient and space-saving technology.

How many people does Otis move daily worldwide?

Otis moves 2.4 billion people daily and maintains approximately 2.4 million customer units worldwide.