Talaat Mostafa’s affiliate to execute major project in Egypt new capital city

Egypt’s property developer Talaat Mostafa announced Sunday that its affiliate has signed a contract to execute a fully-fledged urban project in the country’s new capital city in seven years.

The affiliate named Arab Company for Projects and Urban Development has bought the project’s land plot on a total space of 500 feddans for 4.4 billion Egyptian pounds ($243.1 million), Talaat Moustafa said in a bourse filling.

About 15 Egyptian companies, including Talaat Mostafa and SODIC, submitted bids in March to develop land for the capital’s first phase of construction, but no official announcement has yet been made as to the winning bids.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors who pulled back from the country after the 2011 revolt against the government.