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National Real Estate board approves land sale

National Real Estate board approves land sale
The board of National Real Estate Bank for Development (NRPD) approved on Tuesday the offer received from Arab Co. for Trade, Industrial and Tourist Development, for the company’s land plot located on Ismailia-Port Said desert road.
The company conducted feasibility study that showed that the land plot’s value is estimated at EGP 300 million, while the expected construction costs reaches EGP 700 million with expected sales of around EGP 1.6 billion. Accordingly, the project will generate EGP 600 million profit.
The board also nodded to the proposal of merging between Arab Company and NRPD.