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Arab Finance: Misr El-Gedida for Housing and Development has reached a final settlement with the New Urban Communities Authority (NUCA), affiliated to the Ministry of Housing, Utilities, and Urban Communities, over an excess shared area of 710,000 square meters in New Heliopolis City, ending a dispute that dates back to 1995, as per a disclosure.
Sameh El-Sayed, managing director and CEO of Misr El-Gedida, said the company worked over the past period to reach a resolution with NUCA.
In May 2025, the company made payments on account of the settlement, before paying the remaining EGP 96 million on January 26th, 2026, fully settling the claim.
The disputed area had remained under contention for more than three decades.
El-Sayed said the settlement was reached through cooperation between Misr El-Gedida and NUCA, resulting in a binding agreement.
Misr El-Gedida owns a land bank of about 5,500 feddans in New Heliopolis City, which is being developed through partnerships with several real estate developers, including SODIC, G Development, AJAD, Madinet Masr, Zahraa El Maadi, Rock Developments, the National Asset Management Company for New Heliopolis, and Heliopolis Developers.
New Heliopolis City has seen increased investment interest alongside rising real estate activity in the New Administrative Capital and East Cairo.
The settlement comes alongside the company’s acquisition of 750 feddans in the Capital Gardens area, for which a ministerial decree has been submitted, as well as the signing of a development agreement for a 52,000 square meter plot in Mansoura City under a partnership model with the Al-Safi Gypal Consortium.
Misr El-Gedida plans to expand its real estate activity in East Cairo and beyond Greater Cairo in the coming period.
The company is expected to announce its financial results in the near term, in line with the listing and delisting rules of the Egyptian Exchange, after previously adopting a strategy focused on sustainable growth in revenues and profits.
