Cairo – Mubasher: Egypt-based Marseilia Almasreia Alkhalegeya Real Estate Investment on Thursday signed a memorandum of understanding (MoU) with Dubai-based Amlak Finance to develop a project under the supervision of National Bank of Egypt (NBE).

As per the agreement, both firms will work on developing an integrated urban project on a land plot owned by Amlak in Nasr City in Egypt, Marseilia highlighted in a statement to the Egyptian Exchange (EGX).

The MoU has been signed between Amlak’s Egyptian real estate unit in Nasr city and Marseilia Almasreia Alkhalegeya, according to the statement.

The project’s investment value and partnership percentages will be set after both parties sign the final contracts, the EGX-listed firm noted.

The project will be spanning 42,600 square metres in El-Nasr street fronting Al-Ahly club, including residential towers and a shopping mall designed in accordance with global standards, in addition to an integrated hotel, clubs, and other facilities, Marseilia’s deputy chairman Sherif El Saftawy said.

The project, which expected to be completed in five years, will create about 10,000 jobs, El Saftawy added.