NUCA sends South Marina Project contract to ARCO for final review
The New Urban Communities Authority (NUCA) is considering the cancellation of the MoU with Saudi Arabia-based Al-Arabia Company for Real Estate Development (ARCO), related to the planned “South Marina” Project. This came on the back of the company’s request to extend to its cash and in-kind payment to NUCA, from 10 to 26 years, with no adjustment to NUCA’s share. The project was planned to cover an area of 2,800 feddans, with estimated investments at EGP26 billion, whilst NUCA’s share was estimated at EGP10 billion. (Al Borsa)
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