Spanish contractor Coprosa Prime has signed an agreement with Egypts Housing Ministry to build a housing project as part of the New Capital City project.
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 involves the Spanish company carrying 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.