ArabFinance: Nile City Investments' (NCIN) Board of Directors approved on Feb. 20 establishing a limited company under the name of Grand Nile City with the capital of EGP 500 million.

The company will contribute to the new entity capital with 50%. Grand Nile City's, the new company, purpose will be touristic, real estate, commercial and entertainment investment. It will utilize Nile city Investment's land plots in addition to the new lands will be purchased from the state.

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