Mubasher: Manazel Holding on Thursday announced that its Egyptian unit, Manazel for Real Estate Development, had signed KWD 2.284 million ($7.53 million) partnership agreement with Landmark Real Estate.
Under the agreement, Manazel's unit will hold 50% of a joint venture for the development of a 264,330 square-metre land in Egypt’s North Coast, according to a bourse statement.
The transaction will not impact Manazel Holding’s financial statements, the Kuwait-listed company noted.
Manazel Holding reported an increase of 159.8% in losses during the first quarter of 2019 compared to the same period last year, recording KWD 259,410.
