Egyptian real estate developer Medinet Nasr Housing said on Sunday its board has approved a plan to build a project of residential, commercial and office spaces on the outskirts of Cairo.

The company said in a statement to the stock exchange it had signed an agreement with Orascom Development and Management to develop the project on 900 feddans (acres). It gave no further details.

Shares in Medinet Nasr Housing were trading 9.61 percent up at 20.99 Egyptian pounds ($3.68) by 1015GMT.-Reuters