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Madinet Masr offers to develop 3 lands with Heliopolis Company

Madinet Masr offers to develop 3 lands with Heliopolis Company
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Madinet Masr
MASR
-2.54% 3.83 -0.10
Heliopolis Housing
HELI
-2.38% 10.25 -0.25

Cairo – Mubasher: Heliopolis Company for Housing and Development has received a technical and financial offer for the development of three plots of land in New Heliopolis City in partnership with Madinet Masr Housing and Development.

The three plots have a total area of around 580 feddans, according to a bourse filing.

In January, Heliopolis Company signed a participation contract to develop 865 acres in New Heliopolis with the Middle East Real Estate and Tourism Development and Investment Company.

Madinet Masr posted a consolidated net profit after tax and non-controlling interest of EGP 2.12 billion in 2023, an annual leap from EGP 736.73 million.