Orascom Development Egypt has reached a settlement agreement with the New Urban Communities Authority (NUCA) to build a replica of El Gouna in 6th of October city, Invest-Gate reports.

Orascom will develop the 1,000-feddan project based on a revenue-sharing system, as part of the settlement agreement.

The settlement agreement was previously disclosed on April 10 of this year, according to the developer’s bourse filing.

The developer says it is still in negotiation phase concerning all contracts and agreements related to the partnership, confirming that it will disclose any further details as soon as they sign the deal.