Marseilia Real Estate Investment Group has signed a memorandum of understanding (MoU) with UAE’s Amlak Finance to develop a new urban project in Nasr City, Cairo, Invest-Gate reports.

The MoU is under the sponsorship of the National Bank of Egypt (Dubai International Financial Centre), according to the company’s bourse filing on December 24.

The project spans over 426,76 square meters of land owned by Amlak, with expectations to achieve profits between EGP 10 bn and EGP 12 bn due to its distinctive location across Al Nasr Street and in front of Al Ahly Sporting Club, the filing added.

The statement also showed that the project will contain residential and administrative towers, a commercial center, and a fully-fledged hotel equipped with all facilities.

Yasser Ragab, chairman of Marseilia Group, stated, “The memorandum is preamble to the partnership contract, which calls for Marseilia Group to take charge of the development of the whole project in accordance with international standards.”

On his part, Arif Alharmi, Managing Director and CEO of Amlak Finance, said, “The Egyptian real estate market is one of the promising markets in the region. The current economic reform plan promises further progress towards creating an adequate investment environment, suitable for launching mega projects.”

Marseilia Group also announced plans to launch other new projects in the North Coast, the New Administrative Capital (NAC), New Assiut, New Alamein, among others.