Egypt has set up a new development company, City Edge Real Estate Development, with an investment worth E£1.3 billion ($73 million) to build residential and multi-use projects, in addition to integrated real estate projects, said a report.

The new firm will have New Urban Communities Authority (NUCA) as key partners with 60 per cent of the company stake along with Housing and Development Bank (HDBEG) with 38 per cent and Holding Company for Development and Investment with two per cent shares, reported Daily News Egypt citing the country's minister for housing, utilities, and urban development.

"This partnership is a critical element toward reaching a comprehensive project that focuses on premium solutions," remarked Mostafa Madbouly.

"It is mainly about infusing the capabilities of the entities involved to attract a distinct customer base through providing integrated real estate services," he added.

City Edge Developments will kick off with two projects, Etapa in Sheikh Zayed and a mixed-use establishment located in Sixth of October City.

Both projects are set to launch during the first and second quarters of 2018 respectively. Etapa, the company’s flagship project, is an integrated smart residential compound that allocates 86 per cent of its area for greenery and open spaces, while the remaining 14 per cent is dedicated to the establishment of 493 units, said the minister.

The mixed-use project, however, offers a range of office buildings along with entertainment, medical, as well as hospitality services. Through this partnership, the Nuca and HDBEG plan to employ their combined expertise in housing and development to bring forth a new generation of solutions with the highest quality.

Etapa will see an investment of E£2 billion, while the total investment in the mixed-use project is equivalent to E£3.5 billion. Both projects are expected to provide around 10,000 direct and indirect job opportunities, along with substantial opportunities for growth in the industry.