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08 November, 2018

Egypt's Misr Italia, El Mostakbal for Urban Development to co-develop residential project on 268-acre land plot

Initial investment in the project pegged at $1.23 billion

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

Image used for illustrative purpose. A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013.

REUTERS/Amr Dalsh

08 November 2018
Egypt-headquartered developer Misr Italia Properties announced on Thursday it signed a partnership agreement with El Mostakbal for Urban Development for the co-development of a residential project within the latter's El Mostakbal City master development.

"The new project will be established on a 268-acre land within 10 years in partnership with El Mostakbal for Urban Development," said Mohamed Hany El Assal, Co-Chief Executive Officer of Misr Italia Properties in a press statement.

The statement said the project would involve initial investment of 22 billion Egyptian pounds ($1.23 billion) with targeted sales of 36 billion pounds ($2.01 billion), and consist of stand-alone villas, twin houses, town houses, apartments, administrative and commercial buildings, a sports club and clubhouse.

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The company didn't disclose the development or tendering timelines in the statement but said the project is expected to create 400,000 direct and indirect jobs during the implementation period.

The statement said the new project is expected to boost the value of Misr Italia Properties' real estate portfolio to 68 billion pounds ($3.8 billion). The developer recently launched Vinci project in the New Administrative Capital after the success of its IL Bosco project launched last year.

(1 US Dollar = 17.96 Egyptian Pound)

(Writing by Anoop Menon) (anoop.menon@refinitiv.com)

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