Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced signing a rental agreement for a land in its SARAI project with Total Egypt.

The land plot spans over 3,000 square metres (sqm) and will be part of a 7,000 sqm development, according to a statement to the Egyptian Exchange (EGX) on Sunday.

On 3 November 2019, MNHD’s board of directors approved an offer from Total Egypt to rent a land plot in SARAI for 25 years.

Total Egypt will build and operate a service station over the land plot, while MNHD will manage the adjacent commercial space.  

The service station is projected to be operational in 12 months.

It is worth mentioning that during 2019, MNHD reported net profits of EGP 1 billion, down from EGP 1.11 billion in the previous year.