Cairo – Mubasher: Zahraa Maadi Investment and Development has provided preliminary approval for a co-development project with Madinet Masr Housing and Development in New Heliopolis City.

The project is situated on 41.90 acres and will fit residential and commercial purposes, according to a bourse filing.

The final contract is under preparation to be presented to boards of both companies to review and approve.

It is worth highlighting that Madinet Masr posted a consolidated net profit after of EGP 1.17 billion in the first quarter (Q1) of 2024, up from EGP 304.36 million in Q1-23.

Zahraa Maadi’s net profit grew to EGP 83.67 million in Q1-24 from EGP 76.23 million in the same quarter a year earlier.