Cairo - Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment has signed a partnership agreement to develop an area of ​​205 acres on the North Coast.

Under the four-year agreement, Marseilia will become the real estate developer for the EGP 6.5 billion project, spanning over 861,000 square metres, according to a bourse filing on Wednesday.

The project will include service, real estate, and hotel units, covering an area of up to 516,000 square metres.

These units are expected to achieve proceeds of at least EGP 13 billion in sales, of which 65% will go to Marseilia.