Egypt’s Marselia in talks with UAE investor for new housing project

Egypt’s Marseilia Real Estate Investment says it is planning to carry out a fully-fledged residential project in Nasr City district, in partnership with a local bank and an Emirati investor.

With target revenues of 10 billion Egyptian pounds ($557 million), the project will be executed over 42,000 square metres in three phases, said the company’s chairman Sherif Helew said on Monday.

“We are looking to launch the project, which is set to include units with spaces ranging between 75 square metres and 150 square metres, within the first half of the next year,” he said.

Also, Marseilia is hoping to implement a new project in Upper Egyptian governorate of Assiut, in partnership with Ministry of Housing, Helew added.