Hyde Park Developments has signed an agreement to acquire a 415-feddan plot in the eastern expansions area of 6th of October City in west Cairo, formerly known as the Dreamland land, in a deal involving Banque Misr and the National Bank of Egypt (NBE).
Prime Minister Mostafa Madbouly witnessed the signing ceremony at the government headquarters in the New Administrative Capital. According to a company statement, the planned development will be Hyde Park’s fourth project in west Cairo and its 10th nationwide. The company described it as its largest development in west Cairo to date.
The agreement was signed by Amin Serag, CEO of Hyde Park Developments, and Karam Salah, Chairperson of the Egyptian Company for Real Estate Asset Management and Investment (ECRAMI), which is owned by NBE and Banque Misr.
Housing Minister Randa El-Menshawy said the agreement resolves a longstanding issue related to the Dreamland land. Under the arrangement, Hyde Park will undertake the development, financing and marketing of residential units in the area.
Banque Misr CEO Hisham Okasha said the cooperation reflected the bank’s approach to supporting key economic sectors by leveraging institutional capabilities and operational expertise. He noted that real estate, infrastructure and specialised services offered investment opportunities requiring effective models of cooperation.
NBE CEO Mohamed El-Etreby said the deal supported the bank’s strategy of investing in urban development and the real estate sector, which can stimulate economic activity and create jobs. He added that cooperation with experienced developers could improve asset utilisation and support project sustainability.
Amin Serag said the acquisition marked a new stage in the company’s expansion plans, while Yehia Aboulfotouh, Chairperson of Hyde Park Developments, said the agreement would support plans to develop integrated urban communities.