By Ahmed Allam

Cairo-Mubasher: The board of Madinet Nasr Housing approved in-principle the offer submitted by Egyptian Centers Co., a subsidiary of Saudi Arabia's Fawaz Alhokair, to build and operate a mall in Tijan project, said Madinet Nasr’s chairman, Ahmed El-Sayed.  

The project cost is estimated at nearly EGP 670 to EGP690 million, to be injected by Fawaz Alhokair, said a source at Madinet Nasr.

The source, who preferred anonymity, told Mubasher that Madinet Nasr's share in the mall's annual revenues reaches nearly 20% over the usufruct period of 50 years.

Egyptian Centers will build the mall over three years, and the price of the project land is nearly EGP 15,800 per square metre.

Translated by Abdul Maguid Aboshahla