ODE announces its first housing project in Cairo

Orascom Development Egypt (ODE) is developing a 1,000-feddan land plot in West Cairo for its first housing project in the capital, the company announced. The project will be developed in partnership with the New Urban Communities Authority (NUCA) on a revenue sharing basis. ODE will set up a company named Orascom Real Estate of which it will own 70%, with the remainder of the issue capital owned by Samih Sawiris. This comes as part of the provisions of the settlement agreement concluded between Orascom Housing Communities and NUCA. ODE says all agreements related to the partnership with NUCA should be finalized within a month as part of the settlement agreement.