Arab Finance: Madinet Masr and Heliopolis Company for Housing and Development (HELI) have signed an agreement to develop a new residential project in the New Heliopolis City, as per a press release on July 14^th.

The project involves the development of two land plots spanning an area of 491 feddans; one plot covers an area of 245.1 feddans, while the other covers an area of 246.31 feddans.

The project is expected to generate EGP 194.67 billion in total revenues over a period of 12 years, with Heliopolis Housing’s share in the revenues being estimated at EGP 70.9 billion with a minimum guaranteed amount of EGP 53.180 billion to be paid over nine years as of date of signing the agreement.

Madinet Masr’s participation percentage in the project is 63.5%, whereas Heliopolis Housing’s percentage is 36.5%.

In addition, Madinet Masr has paid a signing payment of EGP 1.1 billion.

“This partnership marks a milestone towards Egypt’s sustainable urban development, creating an appealing destination for those seeking distinctive residential opportunities,” Madinet Masr’s CEO Abdallah Sallam commented.

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