Egypt-listed developer Madinet Masr announced on Thursday the signing of a partnership agreement with Zahraa Maadi Investment and Development Company to develop a 42-feddan plot of land in New Heliopolis.

The two companies will jointly develop 41.88 feddans to establish an integrated urban community combining residential and commercial spaces, the developer said in a press statement.

Madinet Masr will hold a 64 percent share in the joint venture with Zahraa Maadi holding a 36 percent stake, the statement said.

The project’s implementation is expected to last around six years with total projected revenues of 11.4 billion Egyptian pounds ($234 million).

Madinet Masr's own portfolio includes Taj City, a 3.6 million sqm mixed-use development and Sarai, a 5.5 million sqm mixed-use development, both near Cairo and Zahw, a 104-acre mixed-use development in the west of Assiut Governorate. Its partnership portfolio comprises a 491-acre project in New Heliopolis City, and a 238-acre integrated residential project in the fourth phase of Al Amal Axis in Mostakbal City.

(1 US Dollar = 48.81 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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