Palm Hills Developments and Madinet Nasr Housing and Development (MNHD) companies signed an agreement to jointly develop a comprehensive housing project in eastern Cairo on a 5.5 million square meter area on the Cairo-Suez desert highway.

The project's land is owned by MNHD and is located near the newly-announced administrative capital.

According to a joint statement, Palm Hills will undertake the construction, internal utilities, development and marketing of the project, while MNHD will offer the project's land and set up its external utilities network.

Under the agreement, Palm Hills will acquire 64% of the project's revenues, while MNHD will take the remaining 36%.