UAE's Amlak inks MoU to develop 4.2ha project in Egypt
Marseilia Group has signed the memorandum with Amlak to develop the urban project in Cairo's Nasr City district
Real estate financier, Amlak Finance, has signed a memorandum of understanding (MoU) to develop a mixed-use project in Cairo, Egypt.
Marseilia Group signed the MoU with Amlak to develop the urban project in Cairo's Nasr City district.
Amlak Finance owns the plot of land on which the 4.2ha (42,676sqm) project will be developed.
Dr Sherif El Saftawy, the Marseilia Group chairman's assistant, said that the Nasr City project was "one of the most important projects that was under study during 2017".
A residential and administration building, a shopping mall, and a fully serviced and equipped hotel will be developed within the project, in addition to areas dedicated to clubs and social activities.
The project is expected to create 10,000 job opportunities for Egyptians over the next five years.
The MoU comes under the sponsorship of National Bank of Egypt (Dubai International Financial Centre), and was signed by Yasser Ragab, chairman of Marseilia Group, Arif Alharmi, managing director and chief executive officer of Amlak Finance, and Hisham Okasha, chairman, NBE.
Commenting on the development, Ragab said: "We are happy with our partnership with Amlak Finance as it reflects Marseilia’s strategic vision of developing foreign investments.
"This affirms the company’s goals that are in line with the general vision of the Egyptian government for going ahead with a full economic reform and the development of the real estate sector."
Ragab said the MoU is the "preamble to the partnership contract", which tasks Marseilia Group with the development of the project.
Amlak's Alharmi added: "The Egyptian real estate market is one of the promising [ones] in the region.
"The current economic reform plan promises further progress towards creating an adequate investment environment, suitable for launching mega projects."