Cairo – Mubasher: The ordinary general meeting (OGM) of Emaar Misr for Development has approved a partnership with Eagle Hills in developing a residential, tourist, and commercial project in the North Coast region.

To participate in the project, Emaar Misr will either purchase a 25% stake in Eagle Hills at a nominal value of EGP 15.62 per share or sign a partnership and management contract to share in the project and profits with 25%, according to a bourse filing on Wednesday.

During the meeting, the shareholders have authorised the board to complete all procedures and sign all necessary partnership contracts.

It is noteworthy to mention that during the first quarter (Q1) of 2022, the consolidated net profits of Emaar Misr hiked to EGP 1.58 billion, compared to EGP 529.12 million in the year-ago period.