This partnership comes in light of the HHD's keenness to maximize the benefit from state-owned assets in cooperation with the private sector, the Ministry of Public Business Sector said in a statement on Thursday.
Three major developers had offered to partner with the state-owned HHD for the project.
Mountain View said in a press statement that its financial and technical offer was accepted after a 9-month evaluation period.
The project is expected to generate revenues of LE 397 billion ($25 billion) over a 15-year period with HHD's share estimated to be nearly LE119 billion ($7.6 billion).
Heliopark has been designed by HHD as an integrated residential city consisting of 17,198 apartments and 1,292 villas and will include malls, offices, hotels, clinics and hospitals, entertainment areas comprising cinemas, amusement parks, gardens, a sports club, as well as an educational zone with schools and universities that will eventually house a population of 100,000 people.