Cairo – Mubasher: Zahraa Maadi Investment & Development said Sunday it expects achieving revenues of around EGP 2 billion from its joint venture with Premiera Real Estate Investment for developing a project in Sheikh Zayed City.
The company’s board approved joining hands with Premiera in developing the 72.25-acres land area.
Zahraa Maadi will own 60% in the JV, while Premiera will hold the remaining 40% of the project that will be completed in four years.
The EGX-listed real estate firm earlier posted 25.2% growth in net profit for the first nine months of 2015 to EGP 100 million, up from EGP 80.3 million in the prior-year period.
