By: Abdullah Bedier
Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has awarded construction contracts valued at EGP 5 billion for Taj City and SARAI projects in New Cairo, the real estate developer’s CEO Ahmed El-Hitamy said.
The property developer plans to pump this amount over two years to establish 4,000 residential units at the two projects, El-Hitamy told reporters on the sideline of a conference held in Cairo on Monday.
The construction companies that have been awarded these contracts include Redcon and Gama, he added.
MNHD also appointed Hill International, listed on the London Stock Exchange (LSE), for the management services, he noted.
The company have delivered 1,700 residential units at Taj City to customers, while the remaining 1,300 units are currently being established to be delivered starting from late 2019 or early 2020, the CEO revealed.
It is worth mentioning that during the first half of 2019, MNHD posted a net profit of EGP 515.686 million, compared to EGP 611.728 million in the year-ago period.
Translated by: Zeinab Adel
