Local developers Palm Hills and Madinet Nasr for Housing and Development (MNHD) have announced a preliminary agreement for a joint project in Cairo.

In a statement released on the Egyptian Exchange on 1 April, the companies confirmed that they have signed a memorandum of understanding (MoU) to develop a 433,643 square metre mixed-use residential and commercial project near the new administrative capital city scheme.

The project will be developed as part of MNHD’s KM45 scheme near the Cairo-Suez desert highway.

The statement released by the two companies claims the project will “generate up $721m over 10 years.”

The first phase is expected to be complete in four years, according to the statement.

Under the agreement, Madinet Nasr will contribute the land and the main infrastructure network costs, and Palm Hills will bear the construction and marketing costs, in addition to providing the projects’ masterplan.