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Egypt: Marseilia Group, Amlak Finance sign MoU for a project in Cairo

Marseilia Group has signed a memorandum of understanding (MoU) with the UAE-based Amlak Finance to develop an urban project in Nasr City District, Cairo.

The MoU is under the sponsorship of National bank of Egypt (Dubai International Financial Centre) (NBE – DIFC) and was signed by Yasser Ragab, chairman of Marseilia Group, Arif Alharmi, managing director and CEO of Amlak Finance, and Hisham Okasha, chairman, National bank of Egypt.

The agreement is between Amlak Finance’s Amlak Nasr City for Real Estate Investment, a wholly-owned Egyptian Company, and a subsidiary of Amlak, and Marseilia Egyptian Gulf for Real Estate Investment Company, one of Marseilia Group companies.

Dr Sherif El Saftawy, Marseilia Group chairman assistant, said: “The Nasr city project was one of the most important projects that was under study during 2017. The project is located on Al Nasr Street and in front of Al Ahly club and will extend over 42,676sqm. The project will be a comprehensive urban development and will include residential, an administration building, a shopping mall designed in accordance with international standards, a fully serviced and equipped hotel, in addition to the areas dedicated to the clubs and social activities. The project is also aimed at supporting the development of the community by creating 10,000 job opportunities to the Egyptian youth throughout the next five years.”

Ragab stated: “We are happy with our partnership with of Amlak Finance as it reflects Marseilia’s strategic vision of developing foreign investments. This affirms the company’s goals that are in line with the general vision of the Egyptian government for going ahead with a full economic reform and the development of the real estate sector.

“The memorandum is a preamble to the partnership contract, which calls for Marseilia Group to take charge of the development of the whole project in accordance with international standards. The interest taken by the National Bank of Egypt (Dubai International Financial Centre) for sponsoring this partnership and providing it with all the necessary facilities, thus making it one of the largest partnerships in the real estate sector.”

Alharmi said: “The Egyptian real estate market is one of the promising markets in the region. The current economic reform plan promises further progress towards creating an adequate investment environment, suitable for launching mega projects. We are confident of the efforts of Marseilia in implementing and managing the project to the highest specifications. On our part, we look to deliver a project which is competitive with international standards. Through this project, we look forward to contributing towards the development of Nasr City, in addition to enhancing the value of our real estate investments, benefitting Amlak, its shareholders, financiers, and partners.”

Okasha said: “We are happy that this partnership is under the facilitation of NBE-DIFC, which is a fully-owned asset management and investment advisory subsidiary of the National Bank of Egypt, based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. The operation specialises in managing regional and fixed income portfolios and advising on real estate and direct investment transactions.

“We are delighted to announce the successful execution of this MOU between our client, Amlak Nasr City for Real Estate Investment (‘ANC’), with Marseilia Egyptian Gulf for Real Estate Investment, an Egyptian developer, also duly listed on the Nilex. We are keen to implement this agreement after extensive studies which showed that this project is beneficial to the Egyptian economy. This project will encourage and attract more foreign investments. We will be a permanent supporter of this kind of Egyptian foreign partnerships and offer more investment projects to Egypt.”

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