Cairo – Mubasher: Emaar Misr for Development signed a contract with the New Urban Communities Authority (NUCA) to acquire a 500-feddan land in Sheikh Zayed to build an integrated residential project.

The value of investments in the project is expected to reach EGP 37.8 billion, the company said in a bourse disclosure on Thursday.

During 2020, the real estate developer posted consolidated net profits of EGP 1.67 billion, down from EGP 1.73 billion a year earlier, including minority shareholders’ rights.