By: Abdullah Bedeir

Cairo – Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment on Wednesday said that investments of its joint project with Dubai’s state-run Amlak Finance in Nasr City amounted to EGP 10 billion, according to the Egypt-based firm’s chairman.

The project marks the first Egyptian-Emirati partnership in 2018, Sherif Heliw told Mubasher.

In January, Marseilia signed a memorandum of understanding (MoU) with Amlak Finance to develop an urban project under the supervision of National Bank of Egypt (NBE) and the Dubai International Financial Centre (DIFC).

Under the agreement, both firms would work on developing a full-fledged urban project on a land plot owned by Amlak in Nasr City, Egypt, Marseilia said in a statement to the Egyptian Exchange (EGX).

Spanning 42,600 square metres in El-Nasr street fronting Al-Ahly club, the project included residential towers and a shopping mall designed in accordance with the state-of-the-art standards, in addition to an integrated hotel, clubs, and other facilities, Marseilia noted.

Set to be completed in five years, the project will create about 10,000 jobs.

Translated by: Ahmed Shehata