Landmark Sabbour has signed a memorandum of understanding (MoU) with Libyan-based Lakeside for Real Estate and Touristic Investments, a subsidiary of Libyan Foreign Investment Company,  to cooperate on a new project in New Cairo with total investments of EGP 10 bn, Invest-Gate reports.

Landmark Sabbour will act as the developer of a premium mixed-use project in New Cairo on a 344,000 square meters land owned by Lakeside, according to a company’s statement.

During a ceremony that took place at the project’s site, the agreement was signed by CEO of Landmark Ahmed Sabbour and Chairman of Lakeside Hamed Al Hodairy, in the attendance of Mohamed Abd El Aziz, the Libyan Ambassador to Egypt, and Managing Director of Libyan Foreign Investment Company Salem Heneish.

Landmark Sabbour is among the nation’s few property developers with a portfolio expanding beyond the Egyptian borders. It penetrated markets in Dubai and Barcelona, with a total of 5,000 units covering up to 3 mn square meters, including its residential, hospitality, administrative, and commercial ventures in Cairo, Sharm El Sheikh, and North Coast.