Marseilia Group Eyes New Joint Project in NAC

Marseilia Group Eyes New Joint Project in NAC

Egypt’s Marseilia Real Estate Investment Group is intending to sign a deal for a joint project with one of the urban development companies at the New Administrative Capital (NAC), aiming to develop a land area with one of the dedicated companies, Invest-Gate reports.

The property developer did not disclose any further details regarding the joint project, including the value of the deal or percentage of the partnership, according to a bourse filing on January 22.

In December, Marseilia signed a memorandum of understanding (MoU) with UAE’s Amlak Finance to develop a new urban project in Nasr City, Cairo, under the sponsorship of the National Bank of Egypt (Dubai International Financial Center).

The project spans over 42,676 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 developer said in a previous filing.

Marseilia also announced plans to launch other new projects in the North Coast, New Assiut, New Alamein, amongst other new cities.

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