Spanish contractor Coprosa Prime has signed an agreement with the housing ministry to build a housing project in the New Capital City.
According to a statement from the companys Egyptian subsidiary, an agreement valued at $90m has been signed for the development of a villa scheme in the new proposed area.
The contract will see the Spanish company carry out work on villas, which will be developed across an area of 24,000 square metres , as well as all associated infrastructure work.
Earlier this month Egyptian developer Maxim Investment Group submitted a request to build an integrated community in Egypts proposed New Capital City.
According to a company executive who was quoted in local media, the firm is looking to develop a small city within the New Capital City, east of Cairo, across an area of approximately 1.2 million square metres.
Maxims investments in Egypt have increased by $1.4bn with almost $100m being invested in the north coast area within the first five months of this year, according to a company statement.