Wadi Degla Developments, a subsidiary of Wadi Degla Holding, has signed deals worth EGP 1.15 bn with two of Egypt’s major contracting companies for the construction of its residential project Neopolis in Mostakbal City, east of Cairo, state-run Al Ahram Al Iktisadi news website reports.

The two contractors, Mediterranean Contracting Company and Kinder Group, will join forces with the project’s main developer, EgyConset, to develop the concrete structures of a total of 140 residential buildings in the project, Wadi Degla Holding CEO Maged Helmy tells Al-Ahram.

The new supplementary contractors will boost the progress of the project and will ensure that the highest construction standards are applied in the Neopolis project.

Spanning across 545.5 acres, the compound will be a home to 15,000 residential units, with investments worth EGP 13 bn.