Marseilia Group, UAE-based Amlak join forces for new urban project in Egypt

Egypt’s property developer firm Marseilia Group says it has signed a memorandum of understanding (MoU) with UAE-based Amlak Finance to develop a fully-fledged urban flagship in Nasr City district.

Yasser Ragab, Marseilia Group’s chairman, and Arif Alharmi, Managing Director Amlak’s managing director signed the agreement, in presence of Hisham Okasha, National Bank of Egypt’s (NBE) chairman.

The project will be established over 42, 676square metres, Marseilia Group’s chairman assistant Sherif El Saftawy said Thursday, adding that the land plot is owned by Amlak Finance.

“The urban project is to include residential and administrative towers as well as a commercial centre and a fully-integrated hotel in addition to spaces for clubs and social institutions,” El Saftawy further stated.

The Egyptian official added that the flagship aims to create around 10,000 job opportunities in its all phases, which will be implemented within the next five years.