Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has reached a land exchange agreement with the Armed Forces Land Projects Agency, affiliated to the Ministry of Defense.
Under the agreement, MNHD will acquire a land plot, spanning over an area of about 53,000 square metres, close to its Taj City project in exchange for several land plots covering a combined area of around 93,500 square metres in Nasr City, according to a statement to the Egyptian Exchange (EGX) on Monday.
It is noteworthy that during 2019, MNHD reported net profits of EGP 1 billion, down from EGP 1.11 billion in 2018.
