Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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 studies obtaining EGP 1bn loan to fund Sarai project
Company aims to achieve sales from EGP 5.5-6bn in 2018, says CEO
Published in Daily News Egypt on 07 - 06 - 2018

Madinet Nasr for Housing and Development (MNHD) is seeking to obtain financing of EGP 1bn, through borrowing or factoring, to direct to implementing the infrastructure for its Sarai project, according to Ahmed El Hitamy, CEO of MNHD.
El Hitamy told Daily News Egypt that the company does not need the funding for the project urgently, so it has not yet determined the possibility of obtaining the loan through factoring, which will depend on the number of delivered units in Sarai project or getting financed through a banking loan.
El Hitamy pointed out that Sarai is located on an area of 5.5m sqm in New Cairo and is close to the New Administrative Capital.
Regarding the merger with or the acquisition of Sixth of October for Development and Investment (SODIC), he noted that the final form of cooperation with SODIC has not yet been determined.
He elaborated that his company aims to implement new projects in areas where MNHD does not have projects, in order to diversify its investment portfolio and meet the needs of a wide range of customers.
Also, he revealed that the company aims to implement a residential housing project on the North Coast, but he did not mention a specific location for the implementation of such a plan so far.
MNHD aims to achieve sales ranging from EGP 5.5bn to EGP 6bn in 2018, he said.
At a suhoor event on Tuesday, MNHD signed with Commercial International Bank (CIB) a EGP 1 bn medium-term loan to fund the development of infrastructure for its Taj City project.


Clic here to read the story from its source.