The Ministry of Housing, represented by the New Urban Communities Authority (NUCA), signed on Monday, September 11, a partnership agreement with Palm Hills Developments for a new development project, Invest-Gate reports.

Covering an area of 3,000 feddan, the October Oasis integrated community project will be developed with total investments of EGP 150 bn, NUCA announced in a statement.

Located south of 6th of October City, the project will comprise 40,000 housing units, the statement quoted Housing Minister Mostafa Madbouly as saying.

NUCA will acquire 26% of the project’s total revenues, Madbouly adds.

The project’s general plan and necessary licenses will be completed within the coming 18 months, Palm Hills Chairman Yasseen Mansour was quoted in the statement as saying.

Mansour added that the project will provide 300,000 job opportunities.