Egypt's Marseilia Group moves forward with new real estate projects

Egypt's Marseilia Group is moving ahead with new projects in New Administrative Capital (NAC) and Sidi Abd El Rahman and is also planning to launch next phases of its ongoing projects this year, a top company official said. Vice President for Commercial Sector Affairs Myssara Ashour told media that the developer has started work on the five billion Egyptian pounds ($302 million) 'Golden Yard' residential project in the New Administrative Capital (NAC) in a joint venture (JV) with an Egyptian government-owned company. He said the JV, which is 64 percent owned by Marseilia Group and 36 percent by the government, is developing the project on land owned by a company under the Ministry of Public Business Sector.