Cairo – Mubasher: The board of directors of Madinet Nasr Housing and Development (MNHD) approved the development of a land inside Taj City under partnership scheme.

The real estate developer has also approved a credit facility worth EGP 150 million from the United Bank to finance its working capital and renew letters of guarantee, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Since November 2018, Sarai and Taj City projects, owned by MNHD, in New Cairo have seen projects at a cost of EGP 4.5 billion, Waleed Abdel-Fattah, senior vice president and managing director for the North Africa region at Hill International told Mubasher.

It is noteworthy that during the first nine months of 2019, the property developer logged a net profit of EGP 630.98 million, compared to EGP 869.07 million in the year-ago period, according to the company’s unaudited consolidated financial statements.