Arab Company for Projects and Urban Development, an affiliate of Egyptian property developer Talaat Mostafa, has been awarded a contract to develop a full-fledged urban project in the country's new capital city over the next seven years, said a report.

The company bought a plot of land sprawling over a 2.1 million sq m area for E£4.4 billion ($243.1 million), according to Amwal Alghad.

About 15 Egyptian companies, including Talaat Mostafa and Sodic, submitted bids in March to develop land for the capital's first phase of construction, but no official announcement has yet been made as to the winning bids, stated the report.

Egypt's plan to construct a new city 45 km east of Cairo was announced in March 2015 at a Sharm Al Sheikh summit held to attract foreign investors who pulled back from the country after the 2011 revolt against the government, it added.