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MNHD seeks to award EGP 3B contracts until 2022-end

MNHD seeks to award EGP 3B contracts until 2022-end

Arab FinanceMadinet Nasr Housing and Development (MNHD) is seeking to award contracting works with a value of around EGP 3 billion until the end of 2022 with a group of contractors for the construction works of the Taj City project, according to a statement filed to the Egyptian Exchange (EGX) on Thursday.

MNHD also targets awarding a contract for the Sarai project before the end of the year.

The company announced that it is currently focusing on developing the land portfolio it owns, given its strategic locations.

The company also noted that it is considering expansion outside Cairo, including investment opportunities on the North Coast.

MNHD said that all financing options including loans, securitization bonds, and contract awarding are being studied to fill the financing gap.

It is worth noting that MNHD achieved total sales of EGP 1.5 billion in July 2022, marking an all-time record figure for single-month reservations.

In the first half (H1) of 2022, MNHD posted a 117.3% year-on-year (YoY) surge in gross contracted sales, recording EGP 3.34 billion, compared to EGP 1.53 billion in H1 2021.

 

 

 

 

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