Zahraa Maadi gives preliminary approval for 42-acre project with Madinet Masr

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

Staff Writer, Mubasher

PHOTO

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.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.