Cairo – Mubasher: Orascom Development Egypt on Wednesday announced it has signed a partnership with the New Urban Communities Authority (NUCA) for the development of an integrated 4.2 million square-metre housing project in 6th of October.

Under the partnership deal, NUCA will receive nearly 26% in proceeds from the property sales in the first eight years of the project, Orascom said in a statement to the Egyptian Exchange (EGX).

Upon the deal, the authority will get a total payment of EGP 11.4 billion over the eight-year period, according to the statement.

Orascom will develop and establish the project and its internal infrastructure, as well as market the project and manage its sales, whilst NUCA will provide the land plot and the external infrastructure.

The company aims to generate total sales of EGP 77 billion from the project in eight years.

The project is set to include more than 19,000 housing units with a built-up area of approximately 3.2 million metres.

Orascom Development previously reported a modest increase in consolidated profits for the first nine months of 2018, as compared with the same period last year.

Net profit amounted to EGP 276.06 million in the nine-month period ended September, compared to EGP 268.8 million in the year-ago period.

Revenues grew to EGP 770.9 million in the January- September period, versus EGP 483.4 million in the prior-year period.