Egypt-based developer Madinet Masr announced on Monday that it has signed an agreement with Midar for Investment and Urban Development (MIDAR) to develop an integrated residential project in Mostakbal City in East Cairo on a revenue-sharing basis.

MIDAR, which is 40 percent owned by Banque Misr, is the master developer of Mostakbal City, spread over an area of 5,200 acres.

The project will span an area of 238 acres (nearly one million square metres) and is located in the fourth phase of Al Amal Axis, the EGX-listed Madinet Masr said in a press statement.

The statement didn’t disclose project name or timelines and investment details but said the master plan includes a mix of residential units, including apartments and villas, commercial spaces and green areas.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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