The Middle East Development Company (MEDCO) and Palm Hills Development have entered into separate agreements with the Al Arabia Real Estate Development (ARCO) to develop two new projects in Egypt, according to three anonymous sources who told Asharq Business.

MEDCO, owned by Egyptian billionaire Mahmoud El-Gammal, will develop a 743-feddan tourism project on a land plot owned by ARCO in the North Coast, a source said.

In return, MEDCO will receive 65% of the targeted revenues, estimated at EGP 200 billion over 12 years, the source added.

For the second project, Palm Hills Development will develop a residential project in the 6th of October City on a 56-feddan land plot owned by ARCO, in exchange for 65% of the revenues.

Founded in 2005 by Saudi businessmen Hassan Al-Sharbatly and Fahd Al-Shoboksh, Egypt-based ARCO has a diverse portfolio of projects from the North Coast and Marsa Alam to 6th of October City and New Cairo.

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