Amlak Finance in deal to develop Cairo project

dubai — Marseilia Group has announced the signing of a memorandum of understanding (MoU) with UAE-based Amlak Finance to develop an urban project in Nasr City District, Cairo. The MoU is under the sponsorship of the National bank of Egypt (DIFC).

The MoU was signed by Yasser Ragab, chairman of Marseilia Group, Arif Alharmi, managing director and CEO of Amlak Finance, and Hisham Okasha, chairman, National bank of Egypt, at the headquarter of the National Bank of Egypt in Cairo. The memorandum is for the development of a comprehensive urban project on a land plot owned by Amlak Finance at Nasr City in Cairo.

The agreement is between Amlak Finance’s Amlak Nasr City for Real Estate Investment, a subsidiary of Amlak, and Marseilia Egyptian Gulf for Real Estate Investment Company, one of Marseilia Group companies.

Sherif El Saftawy, Marseilia Group chairman assistant, said the Nasr City project was one of the most important projects under study during 2017. It will include residential buildings, a shopping mall, a hotel in addition to areas dedicated to clubs and social activities. The project will create 10,000 jobs to Egyptian youth through the next five years.

Ragab said: “We are happy with our partnership with Amlak Finance as it reflects Marseilia’s strategic vision of developing foreign investments. This affirms the company’s goals that are in line with the general vision of the Egyptian government for going ahead with full economic reforms and the development of the real estate sector.”