Cairo – Mubasher: Amer Group Holding Co announced that its subsidiary Amer Tourism Development signed a contract for the development of a land plot covering an area of one feddan and 1,000 square metres (sqm) allocated for Giza Tourism Development Company.

An administrative building will be established over the land plot located in the New Administrative Capital, the company said in a bourse disclosure on Wednesday.

The execution of the contract is conditional on the approval of the Administrative Capital For Urban Development (ACUD), responsible for planning and developing the New Administrative Capital.

During the first six months of 2020, Amer Group logged net profits of EGP 27.608 million, up from EGP 25.42 million in the year-ago period, including minority shareholders’ rights.