UAE-based real estate financier Amlak Finance has signed an agreement with Marseilia Group to develop an urban project in Nasr City District, Cairo.
The project is located on Al Nasr Street and will include residential units, a shopping mall, a hotel in addition to the areas dedicated to social activities.
It also aims to creat 10,000 job opportunities to the Egyptian youth over the next five years, a statement said.
The memorandum of understanding, which is under the sponsorship of National bank of Egypt (Dubai International Financial Centre), is between Amlak Finance’s Amlak Nasr City for Real Estate Investment unit, and Marseilia Egyptian Gulf for Real Estate Investment Company.
Yasser Ragab, chairman of Marseilia Group, said: “We are happy with our partnership with of Amlak Finance as it reflects Marseilia’s strategic vision of developing foreign investments. This affirms the company’s goals that are in line with the general vision of the Egyptian government for going ahead with a full economic reform and the development of the real estate sector."
Arif Alharmi, managing director and CEO of Amlak Finance, added: “The Egyptian real estate market is one of the promising markets in the region. The current economic reform plan promises further progress towards creating an adequate investment environment, suitable for launching mega projects.
"We look to deliver a project which is competitive with international standards. Through this project, we look forward to contributing towards the development of Nasr City, in addition to enhancing the value of our real estate investments, benefitting Amlak, its shareholders, financiers and partners.”
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