ArabFinance: Marseilia Almasreia Alkhalegeya for Holding Investment (MAAL) has signed a partnership agreement to develop a 205-acre land plot in the west of the North Coast, according to a statement filed to the Egyptian Exchange (EGX).

The investment cost of the project amounts to around EGP 6.5 billion, Marseilia Group highlighted.

Under the agreement, Marseilia will act as the real estate developer of the entire project spanning 861,000 square meters, with a 60% built-up area.

The company aims at developing the project within a four-year period as per the conditions set by the New Urban Communities Authority (NUCA).

The project is expected to generate sales revenue of up to EGP 13 billion, with Marseilia’s share representing not less than 65% of total revenue.

Moreover, the company will appoint a general consultant to create a unique urban design for the project based on the global standards.

Marseilia Group is an Egypt-based company engaged in real estate property investment, development, and management.