Cairo – Mubasher: The board of Al Shams Housing and Urbanization approved a recommendation of awarding a contract to Olive Tree Development for E4 land plot, which is part of the R7 residential community in its project in the New Administrative Capital (NAC).

The board also approved forming the letter of intent to Olive Tree, according to a bourse filing on Sunday.

As for Solana New Capital project, the board members agreed to settle the Holding Company for Construction and Development’s (HCCD) EGP 16.16 million dues in 2020 profits by passing the ownership of nine residential units in the project to HCCD.

Al Shams had previously announced investments worth EGP 3.41 billion in Solana New Capital.