Palm Hills Development Company, a leading real estate company in Egypt, has signed an agreement with the New Urban Communities Authority (Nuca) to develop an integrated residential project in eastern Cairo on a 500-acre area on a revenue sharing system.

The project, being co-developed with Egypt Ministry of Housing, is likely to attract investments worth over E£35 billion ($4.4 billion), reported the Daily News Egypt, citing the housing minister.

As per the agreement, the Nuca will get 42 per cent of the project’s total revenues at a minimum of E£14.7 billion ($1.86 billion), said Minister of Housing Mostafa Madbouly.

The 42 per cent will be split into two parts - 10.4 per cent representing the land value of E£10 billion ($1.26 billion) and 31.6 per cent for the project’s total revenue, he added.

Madbouly said the project will be implemented in eight years starting from the day of the first ministerial decision to approve planning.

The Ministry of Housing previously turned three MoUs (memorandums of understanding) signed at the economic conference in Sharm El-Sheikh into contracts, the report added.