Cairo- Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment, a subsidiary of Marseilia Group, has signed an urban development project agreement at the New Administrative Capital.
The company will develop the project in partnership with Egypt for Investment & Urban Development, according to a statement to the Egyptian Exchange (EGX) on Thursday.
The project will be built over 42 acres at the new capital’s first phase with estimated revenue of up to EGP 5 billion, Marseilia said.
The company aims to implement and deliver the project within three years over two phases, the statement added.
Marseilia’s share in the project accounts for around 64%, while Egypt for Investment holds the remaining 36% stake.
Last week, Marseilia announced it would sign a joint project with one of the urban development companies at the New Administrative Capital.
In August, Marseilia revealed it was chosen to implement the Dead Sea project in Jordan in collaboration with one of the Jordanian syndicates. The project will span over 10 acres, directly fronting the Dead Sea.
