Cairo – Mubasher: The Ministry of the Public Business Sector on Friday said that Heliopolis Company for Housing and Development, a subsidiary of the Holding Company for Construction and Development, will sign a contract to renovate and develop Grenada City’s historic building in Heliopolis.
The project and contract will be signed with the Arab Contractors, who will develop the historic building, owned by Heliopolis Housing, with project costs reaching EGP 37.2 million.
The contract signing will be attended by a number of top Egyptian officials including public business sector minister Ashraf El Sharqawy.
The Arab Contractors will carry out project development whilst maintaining the architectural and historic aspects of the building. The project is scheduled for completion in a year after the Arab Contractors receive the site where the building is located.
Heliopolis Housing, which is listed on the Egyptian Exchange (EGX), announced in September 2016 that it will launch a private tender to the Arab Contractors for the renovation and development of the ancient Grenada City.
Heliopolis Housing’s stock rose at the close of Thursday’s trades, adding 2.64% and ending at EGP 27.61.
