Qatar cuts key interest rates by 25 bps    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MNHD Board approves Al-Hokair Group's mega mall construction offer
Investments worth EGP 700m are expected to be injected for the development of the mall, says MNHD's Investor Relations Manager
Menna Samir Published in Daily News Egypt on 26 - 05 - 2015

Madinet Nasr Housing and Development's (MNHD) board of directors (BOD) approved an offer made by a subsidiary of the Saudi company Fawaz Al-Hokair Group for the construction of a mall near Cairo International Airport, Salah Katamish, MNHD's Investor Relations Manager told Daily News Egypt.
The deal is awaiting the final approval and signing of MNHD's chairman, which is expected very soon, Katamish further noted.
The mall is planned on an area of land that is owned by MNHD, and is expected to spread over an area of 100,000sqm.
"The deal entails that the group will use the land under a 50-year usufruct, whereby at the end of that period the building and the land will return to MNHD," Katamish elaborated.
The Egyptian Centers for Real Estate Development (ECRED), a subsidiary of the Saudi group, would be responsible for building the mall over a three year period.
"On a net present value basis, MNHD's share of the mall's future revenues would translate into a current price per sqm of EGP 15,880," a statement from MNHD read.
Katamish further said that 20% of the revenues to be generated will be acquired by MNHD, and that investments for the mall are expected to reach EGP700m, being invested by Al-Hokair.
MNHD was founded in 1959, and is a leading real estate developer in the country. The company is developing a number of residential community projects as Tag Sultan, Al-Waha and Primera compound.
In April, MNHD announced its most recent agreement with Palm Hills, as both have signed a memorandum of understanding (MoU) to establish an integrated residential project on the Cairo-Suez desert road.
This project will be constructed on 103.25 feddans of land owned by MNHD, and will be developed over four stages ranging between nine to 10 years.
Al Hokair is a Saudi–based group that specialises in the entertainment and tourism sectors.
ECRED, Al-Hokair's subsidiary, owns Mall of Arabia located in 6th of October City, and specialises in mall management as well as leasing and tenant relations.

Clic here to read the story from its source.