Misr Italia invests $1.2 billion in New Cairo’s urban project

Egypt’s real estate developer Misr Italia Properties says it has invested 22 billion Egyptian pounds ($1.2 billion) in a new fully-fledged urban project in Mostakbal City, New Cairo.

The company is seeking to achieve sales worth around 36 billion pounds from the new project, its co-chief executive Mohamed Elassal told Amwal Al Ghad on Thursday.

El Mostakbal for Urban Development had earlier signed partnership agreement with Misr Italia to develop the urban project on a space of 268 feddans within a ten-year timeframe.

“The project will include a number of villas, town houses, and residential apartments as well as administrative and commercial buildings, besides a social and sports club,” Elassal further said.