Cairo – Mubasher: The Egyptian Ministry of Housing signed two agreements with Emaar Misr for Development, Akhbar El-Yom reported on Wednesday.

The first one is a settlement agreement between the real estate developer and the Egyptian government, while the second includes the allocation of 500 feddans in Sheikh Zayed for the establishment of a new developmental community and a residential project.

The head of Sheikh Zayed Development Authority Mostafa Fahmy previously told Mubasher that Emaar Misr has bought a 68.5-feddan land, representing 50% of its owned land in Sheikh Zayed, which had previously been waived in exchange for fees imposed on the company for changing the use of the land from agricultural to residential purpose.

Fahmy also revealed that Emaar Misr obtained a 500-feddan land plot in Sheikh Zayed Extension through direct land allocation.