Cairo – Mubasher: The board of directors of Nile City Investments approved a proposal to invest in a new limited liability company operating in tourism, real estate, commercial, and entertainment sectors.

The company will be established under the name of Grand Nile City with a capital of EGP 500 million, according to a statement to the Egyptian Exchange (EGX) on Sunday.

It is proposed that the new company will be equally owned by Nile City Investments and Nile City For Tourism and Hotels.