(MENAFN) Egypt's major listed real estate developer Talaat Mostafa has bought 500-feddan plot in its new administrative capital for USD243.7mn.
The country aims to build a new city of 45 km east of Cairo was proclaimed in March 2015 at Sharm Al-Sheikh summit to attract foreign investors.
In addition, the new capital project has stalled after the primary developer, an UAE firm; pulled out and a deal to develop government facilities by a Chinese state developer also fell through.
Almost 15 Egyptian firms, involving Talaat Mostafa, submitted offers in March in order to enhance land for the capital's first phase of building.
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