Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) intends to award contracting works worth EGP 3 billion until the end of the current year with a number of contractors for construction works at Taj City project.

The EGX-listed real estate developer further aims to award a contracting contract for its Sarai project before the end of the year, according to a bourse statement on Thursday.

On 19 September 2022, MNHD announced signing 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 under this partnership is the Shalya project in New Cairo’s Taj City.

Sarai and Taj City projects account for the largest area of MNHD’s land portfolio nearing 10 million square metres, 50% of which are residential projects. The company revealed it will allocate 20% of the remaining part of the unplanned area, 5 million square metres, for non-residential activities such as shopping malls, international schools, and hospitals, among others.

Currently, the company considers setting a strategy until 2032 to maximise its assets. Expected to be completed by the end of 2022, the strategy will determine the annual target sales volume as well as the land areas required to generate it.

The company also eyes to expand outside Cairo and aims to buy new land plots in different areas. Additionally, it studies investment opportunities in North Coast.

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.