Marseilia Group to invest 20bn pounds in Cairo, Alexandria flagships in 5yrs

Egypt’s property developer firm Marseilia Group plans to pump investments worth 20 billion Egyptian pounds ($1.1 billion) into its projects in Cairo and Alexandria, the country’s second largest city, within a five-year timeframe, said an official on Monday.

The Egyptian company has submitted a request to the state’s Administrative Capital for Urban Development Company to get 100 feddans for executing a new residential project, but the request is still pending, its chairman Sherif Heliw told Mubasher on the sidelines of the company’s sohour event.

Marseilia reported a 72 percent decline in its net profits, recording 1.03 million pounds during the first quarter of 2018.