Cairo – Mubasher: Madinet Nasr Housing and Development said it is in the middle of talks with number of banks to secure a loan of EGP 2.1 billion to finance its project SARAI, according to a bourse filling.

The company pointed out that it raised its investments in SARAI from EGP 700 million to EGP 1.1 billion due to the increase in the cost of the raw materials as well as building materials in addition to the devaluation of the Egyptian pound.

Earlier, the leading urban developer said it launched its new project SARAI, where it sold all launched 463 units (phase 1), with a value of EGP 815 million.

In addition, the company’s total contracted sales have reached EGP 2.4 billion by the end of last October up by 373% y-o-y.