Arab Finance: Heliopolis Housing and Development Company (HELI) has received offers from Hyde Park Developments and La Vista Developments to develop 500 feddans in the New Heliopolis project, two sources familiar with the matter told Asharq Business.

The two companies will compete Madinet Masr and Mountain View on the development of the project via a partnership system, one of the sources said.

The sealed envelopes of the financial and technical offers are expected to be opened within the next week, the source noted.

Moreover, the other source said that the value of the 500-feddan land is EGP 10 billion.

New Heliopolis is located east of Cairo, on an area of 5,885 feddan.

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