Egyptian developer Sixth of October for Development & Investment Company (SODIC) signed a memorandum of understanding (MoU) to develop a new land in partnership with its owner, Invest-Gate reports.

The 300-feddan land is located in Egypt’s North Coast, according to a bourse filing.

This is the second MoU that SODIC signed in the same area, bringing the total land over which the company is negotiating in the North Coast to 600 feddans.

The company said in the filing that it would carry a number of studies on the land before reaching a final agreement with the landowners.

On another note, SODIC announced on October 2 it won the “Leading Corporate for Investor Relations in Egypt” award for 2017, organized by the Middle East Investor Relations Association (MEIRA).