Egypt's El Mostakbal for Urban Development is in talks with two key regional players for setting up a public-private partnership project at its flagship mixed-use development, Mostakbal City, in Cairo, said a report.

The agreement with the property firms - one of whom is an European-Egyptian JV - will be for the development of two projects on a sprawling 4.2 million sq m area in Egypt's New Cairo district, reported Amwal Alghad, citing a top official.

One of the largest planned mixed-use developments in the capital, Mostakbal City will come up on an area of 45 million sq m featuring several residential, retail and hospitality projects.

It will also boast of major business centres, medical, educational, entertainment and hospitality and commercial projects, revealed its chairman Essam Nassif.

El Mostakbal is the master developer of the city in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks.

It will be developed in five phases, where the roads and green areas represent 50 per cent of the total area of the city.

The company is set to incorporate sub-developers to be responsible for developing the different areas of the project according to the approved master plan and urban planning, and design guidelines, stated Nassif.

"We are expecting to sign first memoranda of understanding to have time to study the projects for 4-6 months, before reaching the final agreements," he added.