Marseilia Group for Investment and Real Estate Development and Misr for Investment and Urban Development signed a contract to develop an integrated urban project in the new administrative capital on an area of 42 acres with investments of 5 billion pounds. During the press conference held to announce the project, Marseilia Company Chairman of the board Sherif Helyo said, "The project is located near the Green River and opposite to the embassies district, and includes 1750 units, and scheduled to be launched next March. Helyo added that the percentage of construction in the project does not exceed 20% of the total area of the project, pointing out that the duration of construction of the project is 3 years, and the units will be delivered units in two phases during the same period. He pointed out that Marseilia is a developer of the project and that the investments of the first phase are about LE 300 million and its sales are LE 3 billion, pointing out that the company targets to sell between 40% and 50% for customers abroad in the Gulf countries. For his part, Major General Ragaai Ismail, Chairman of the Board of Misr Company for Investment and Urban Development said that the project will contribute to the provision of more than 15 thousand job opportunities directly and indirectly. He added that the company signed the contracts of the project's land in 2017, a design competition and supervision on the implementation of the project was proposed and 12 consultancy offices applied to it. It was acquired by the consultancy house Al-Afifi for Engineering Consultancy. Accordingly, the designs were submitted to the administrative capital company and the company obtained the ministerial decision on 16 November last year. Misr Investment and Urban Development Company is an Egyptian joint stock company established between Misr Holding Insurance Company, Misr Insurance Company, Misr Life Insurance Company, Misr Real Estate Asset Management Company, Misr Finance and Investment Fund, October Company for Development and Real Estate Investment and Luxor Tourist Anchors Company. It was established with a licensed capital of LE 2 billion and a source of 650 million.
