Egypt’s Orascom Development plans to launch a new compound called “O West” in 6th of October City during the first quarter of next year, state-owned Al Ahram Al Iktisadi news website reports.

The new residential project will cover an area of 1,000 acres, marking the company’s first development in west Cairo, according to Al Ahram Al Iktisadi.

Back in June, Orascom announced that is has reached a settlement agreement with the New Urban Communities Authority (NUCA) to build a replica of El Gouna in 6th of October City – based on a revenue-sharing system, as part of a settlement agreement.

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

Orascom’s revenues surged by 39.2% to reach EGP 2.4 bn, in addition, cash operating ratios hiked by 128.5% and recorded EGP 763.1 mn during the first nine months of 2018, according to the company’s financial statements.