A consortium led by Egypt’s Housing and Development Bank has signed an agreement to buy a 60% stake in Hyde Park, a project being developed in Cairo by Damac Properties, based in Dubai.

HDB told the Egyptian Stock Exchange it would acquire a 30% stake in the project, while 20 per cent would be acquired by another Egyptian bank and 10% by an investment firm in Egypt. Damac said grading works had been done at the villa development and contractors had been invited to bid for construction, expected to begin this summer.

The National