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MoH, Palm Hills ink EGP 150bn October Oasis investment

MoH, Palm Hills ink EGP 150bn October Oasis investment
MoH, Palm Hills to inject October Oasis with investments worth EGP 150bn
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: Egypt’s Ministry of Housing, Utilities and Urban Development (MoH) has signed a contract with Palm Hills Development Co (PHD) to develop a city called ‘October Oasis’ on an area covering 3,000 acres of land at investments worth EGP 150 billion.

Located in the 6th of October city along the Wahat Road, the October Oasis project can take up to 200,000 citizens in 40,000 housing units, the minister said in a statement.

The Egyptian government will get 26% of the project’s revenues, which will be received in cash at a total sum of EGP 25 billion, in addition to around 420,000 square metres in buildings, Madbouli noted.

This project will provide about 300,000 direct job opportunities, in addition to other indirect jobs, Palm Hills chairman Yaseen Mansour said.

The project will be executed over a period spanning 11 years, the top official added.