Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has signed a memorandum of understanding (MoU) with Al-Hazek Construction, a subsidiary of Al-Hazek Group, to carry out construction works worth EGP 1.50 billion.

The first project that will be executed is the Shalya project in New Cairo’s Taj City, according to a recent statement.

Under the two-year deal, Al-Hazek Construction will implement construction works for 34 residential buildings in Shalya comprising a total of 941 units stretching over an area of 34 feddans. The first stage of the project is expected to be delivered within a period of 18 months.

Taj City is a project that spans an area of 3.50 million square meters, with a total sales volume of EGP 30 billion.

During the first half (H1) of 2022, the consolidated financial statements of MNHD showed an annual growth of 1.10% in the company's net profit after tax, reaching EGP 231.12 million, compared with EGP 228.60 million in the same period a year earlier.