Egypt sells 21mln sq m of land to Talaat Mostafa for housing project

The project, located along the Cairo-Suez highway near Egypt's new administrative capital, will cost $32bln

  
A new building is seen under construction in the historic neighbourhood of Darb al-Ahmar, in Cairo, Egypt April 2, 2019.

A new building is seen under construction in the historic neighbourhood of Darb al-Ahmar, in Cairo, Egypt April 2, 2019.

REUTERS/Mohamed Abd El Ghany

CAIRO - Egypt's New Urban Communities Authority (NUCA), a government housing body, on Sunday signed a contract to sell 21 million sq m (2,100 hectares or 5,200 acres) of land to a subsidiary of Talaat Mostafa Group Holding for the construction of a new urban residential project.

The project, located along the Cairo-Suez highway near Egypt's new administrative capital, will cost 500 billion Egyptian pounds ($32 billion), and the land, whose price was not disclosed, will be paid for in cash and in kind, company chairman Hisham Talaat Mostafa told reporters at the signing ceremony. ($1 = 15.6900 Egyptian pounds)

(Reporting by Momen Saeed Atallah, writing by Nafisa Eltahir; Editing by Kevin Liffey) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 226 1754;))

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