Emaar Misr for Development and the New Urban Communities Authority (NUCA) inked on November 27 deals to settle disputes between both sides and allocate plots for the establishment of two integrated urban projects in west Cairo’s Sheikh Zayed Extension, Invest-Gate reports.

Under the first contract, Emaar Misr agreed to make peace with the authority and buyback a 52.4-acre plot, surrounding its planned integrated compound in Sheikh Zayed, called “Cairo Gate,” after the former was found to be using agriculture land on the Cairo-Alexandria Desert Road for its residential development. As a result, the property developer paid cheaper purchase prices, pumping investments worth EGP 11.5 bn and bringing the project’s total area to about 120.9 acres, according to a recent official statement.

The second agreement, however, will see NUCA handing over a 500-acre plot to Emaar Misr in the Sheikh Zayed Extension for another integrated residential project. The development, for which little details were provided, is larger than Cairo Gate and is expected to see investments worth EGP 37.8 bn, creating more than 70,000 direct and indirect jobs, the statement noted.

Commenting on the deals, Mohamed Alabbar, chairman of UAE-based Emaar Properties, highlighted that the company is planning to boost its investments in Egypt and has been investing in the country for nearly 14 years, attempting to uplift its land bank in the North African country.