New Urban Communities Authority (NUCA) has inked a partnership contract worth EGP 1.3 bn with Al Manara for Urban Development to establish “Green Land” compound in the 6th of October city, west Cairo, Invest-Gate reports.
“The deal comes in line with the cooperation between the authority and Al Manara to implement several new projects in Sheikh Zayed and the 6th of October city,” Deputy Chairman of NUCA Tarek El Sebai said in an official statement on November 24.
Marking the first cooperation between both parties, the 76,000-square-meter project will comprise 520 residential units, as well as, a shopping mall, and a medical center, the official further noted.
On his part, Managing Director of Al Manara Mahmoud El Fadawi added that his company made the 10% upfront payment for two new projects in the 6th of October city: a 10,500-square-meter hotel and another hotel and commercial project over 1,400 square meters.
El Fadawi added that the company submitted a request to take part in New Alamein development projects.