Madinet Nasr Housing and Development (MNHD), a leading real estate development company led by Egyptian businessman Abdallah Sallam, has agreed to carry out construction works worth EGP1.50 billion ($77.2 million) in Cairo, Egypt’s capital city.
One of the leading property developers in the Middle East and North Africa, MNHDhas signed a memorandum of understanding (MoU) with Al-Hazek Construction, a subsidiary of Al-Hazek Group, to carry out construction works worth EGP 1.50 billion ($77.2 million), according to a bourse filing issued during trading hours on Mon., Sept. 19.
According to the agreement, the first project to be completed under the terms of the two-year contract is Shalya in New Cairo’s Taj City, which is expected to be concluded in 18 months.
The project will include constructing 34 residential buildings in Shalya, totaling 941 units spread across 34 feddans (14.28 ha).
MNHD, one of the leading property developers in the region, was founded in 1959 as a public real estate company with the goal of developing 40 million square meters of land in Nasr City, which has a population of 3 million people.
Last year, the leading property developer announced the acquisition of MINKA Developments, a private real estate investment and development company owned and managed by Sallam, a well-known Egyptian businessman who founded the firm in 2017 and grew it into a leading player on the market.
With more than EGP300 million ($15.44 million) in assets under management, EGP250 million ($12.87 million) in investments, and EGP6.4 billion ($329.6 million) in projects under development, MINKA Developments has a diverse pool of properties.
Following the completion of MNHD’s acquisition of MINKA Developments in October 2021, Sallam became the group’s third-largest shareholder with a five-percent stake, trailing PE Partners’ Managed Funds (29 percent) and the National Company for Construction and Development (15 percent).