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Imkan Misr to invest EGP 25bn in New Cairo project

Imkan Misr to invest EGP 25bn in New Cairo project
Imkan Misr has obtained the 166-feddan land plot for EGP 5 billion

By: Abdullah Bedeir

Cairo – Mubasher: Imkan Misr, a subsidiary of private equity investor Abu Dhabi Capital Group, has obtained a 166-feddan land plot in New Cairo from the New Urban Communities Authority (NUCA), the real estate developer’s chairman, Ahmed Fathallah, said.

Imkan Misr has purchased the land plot for EGP 5 billion; of which EGP 400 million were paid in advance, the top official added.

The real estate developer aims to invest about EGP 25 billion in the residential project over the next five years, he noted.