Egypt’s real estate developer Porto Group, a subsidiary of Porto Group Holding, has inked an agreement with El Mostakbal for Urban Development for the establishment of a new integrated urban project in Mostakbal City, “Porto City,” state-owned Al Ahram Al Iktisadi news website reports.

The contract was signed as part of the company’s expansion plan to develop new projects as a value adding to the achievements of Porto Group, Mohamed Sayed Abdel Razek, chairman of the company, told Al Ahram Al Iktisadi on November 5.

Through this 151.31-acre project, Porto Group will push further with its vision of creating modern and sophisticated urban communities that are full of recreational products that provide various means of relaxation and comfort, according to Abdel Razek.

Back in August, Porto Group announced the commencement of delivering its newest residential and recreational hub, Porto New Cairo, which promises elite luxury and colossal living spaces.

Situated right in front of the American University’s New Cairo Campus, the project spans across an area of 55,000 square meters.

Aiming to anchor a “new approach to life,” all units overlook a spectacular landscape, lakes, and water fountains. It features facilities that cater to clients’ happiness and comfort, and thus, is meant to transform their lives into “an exquisite living experience all year long,” the company earlier said in a statement.