A real estate development company owned by Naguib Sawiris has been awarded a contract to develop 58.9 feddans in Sheikh Zayed in partnership with the New Urban Communities Authority (NUCA), government sources said without revealing the value of the contract. NUCA awarded Sawiris the contracts after El Mashreq for Tourism and Urban Development pulled out of negotiations. El Mashreq previously offered to pay EGP 3,303 per sqm to purchase the land.

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