Cairo – Mubasher: The board of directors of Heliopolis Co. for Housing and Development approved to seal dispute settlement agreement with Magic Dreams Co.(renter of Maryland casino in Heliopolis).
Under the agreement, Magic Dreams will provide Heliopolis Housing with monthly checks, which includes the amounts of the installments plus the interests for the first year that will end in December 2016.
Following the first year of the project, the renter will provide the checks on quarterly basis until the fourth year that will end in December 2019.
The first check will due once the project start operations, noting that the renter will have to submit the required banking guarantee before 30 March 2016.
Meanwhile, per the agreement Magic Dreams will waive a case it filed against Heliopolis Housing in respect to a project.
Notably, the real estate developer reported net profits of EGP 205 million for the fiscal year ended 30 June 2015, up from EGP 184 million for the previous year.
