Egypt’s Orascom Development Holding has signed on Wednesday a partnership agreement with the country’s New Urban Communities Authority to develop a residential project in Sixth of October City.
With expected revenues of 77 billion Egyptian pounds ($4.3 billion), the fully-fledged public-private project (PPP) will be developed within a timeframe of eight years, the company said in a bourse filling.
“The project is set to include more than 19,000 housing units, with a built-up area of around 3.2 million square metres,” Orascom added.
The partnership will see Orascom execute the project’s infrastructure and construction works, while NUCA provides the land plot.
During the first nine months of this year, Orascom posted profits of 1.07 billion pounds, up from 239.9 million during the same period in 2017.
Standalone profits fell to 175.1 million pounds during the January-September 2018 period, compared with 296.7 million pounds last year.