El Nasr Housing and Development Company, a subsidiary of the state-owned Holding Company for Construction and Development (HCCD), is planning a mixed-use project spanning one million square metres (sqm) along the Nile Corniche at Mokkatem, South Cairo, the company CEO told Zawya Projects.

Mohamed Abd El Maqswood said the 12 billion Egyptian pounds ($765 million) development would include entertainment, commercial and residential components.

"We are negotiating with leading real-estate developers from Egypt and the Gulf, and the contract will be signed by the year-end," he said but declined to elaborate further.

Meanwhile, the company has signed three real estate partnership contracts worth 500 million Egyptian pounds ($32 million) in the current financial year, he said.

"HCCD owns a land bank totalling three million sqm in the 6th of October City, Al Maadi and other parts of Egypt," he said, adding that El Nasr is targeting total revenues of one billion pounds ($64 million) in 2021.

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(1US Dollar = 15.68 Egyptian pounds)

(anoop.menon@refinitiv.com)

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