Cairo – Mubasher: Kuwait-based National Real Estate Company (NREC) announced that its subsidiary KUWADICO, a joint venture formed by NREC and Egypt’s Wadi El Nil Company, has signed an EGP 3.6 billion deal to develop Grand Heights project in Egypt.
The deal was signed with Badr El-Din Group to develop nearly 350,000 residential units in 10 years, Cairo-based news agency MENA reported, citing NREC.
The company is expecting to generate around EGP 3.6 billion ($201.3 million) in revenues from the project, NREC highlighted, pointing out that KUWADICO’s shares of the transaction stand at EGP 1.27 billion.
NREC also revealed an estimated profit of EGP 526 million from the project in the coming 10 years.
