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Cairo Investment pays EGP 43M advance installment for Assiut land

Cairo Investment pays EGP 43M advance installment for Assiut land

ArabFinance: Cairo Investment and Real Estate Development (CIRA) announced paying the advance installment of Assiut land that amounts to EGP 43 million, 15% of total value of the land plot, as per a Tuesday filing.

Earlier in June, the EGX-listed firm said that it has received the preliminary approval from the New Urban Communities Authority (NUCA) on the allocation of a land with space of 81 acres in order to establish an educational project - private university. 

The Company said NUCA approval is contingent to finalizing the economic and solvency studies and other requirements to establish this project, which is a quantum leap in Assiut governorate and upper Egypt. 

The project is projected to be implemented over 3 stages by the end of 2027, with a total cost of EGP 2.5 billion. 

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