The Clap:
EGX-listed real estate developers Madinet Masr and Heliopolis For Housing & Development (HHD) are partnering up on a new residential project spanning 490 feddans in New Heliopolis in eastern Cairo.
What:
The project is expected to add USD 4 billion (c. EGP 194.4 billion) in revenues over nine years, Asharq Business reports, citing sources familiar with the matter.
The details:
Heliopolis’s guaranteed minimum revenues from the project will total EGP 53.18 billion over 9 years. Madinet Masr will have to cough up EGP 1.1 billion in a one shot cash injection upon inking the official agreement, Asharq says.
