Egypt-based Madinet Nasr for Housing & Development (MNHD)’s board approved Monday in principal an offer from Saudi Fawaz Alhokair Group to establish and operate a commercial mall in one of the Egyptian company’s projects, Teegan.
The mall is set to be built on an area of 100.000 square metres in accordance with the usufruct system for 50 years. The Egyptian Centers Company, a subsidiary to Fawaz Alhokair Group, is will start building the mall during 3 years.
Teegan development is the crown jewel of MNHD’s efforts to recreate the convenience, warmth and authenticity of an urban setting while leaving its congestion, clamor and pollution behind. The much awaited and elegantly designed mixed-used residential development is situated at a comfortable distance from the Cairo city center, while enjoying easy access to Cairo’s key districts. The investments of the project worth EGP 25 billion, located in an area of 3.5 million meter.
From his part, Fawaz Alhokair is the Chairman of the Fawaz Alhokair Group of Companies, noted that the partnership with Madinet Nasr for Housing & Development is considered to be an landmark step forward for the affiliate, the Egyptian Centers Company, which looks forward to repeating its successful experience represented in the Mall of Arabia.
Madinet Nasr for Housing & Development (MNHD) is a leading real estate development company in Egypt. MNHD was founded in 1959 as a public company before being offered on the Egyptian Exchange through an IPO in 1995.
Fawaz Alhokair Group (the “Group”) is one of the leading groups of companies in the Kingdom of Saudi Arabia focusing on retail and real estate business sectors. The Group started in 1989 as a partnership between three brothers, Dr. Fawaz Abdulaziz Alhokair, Eng. Salman Abdulaziz Alhokair and Dr. Abdul Majeed Abdulaziz Alhokair as a retail apparel store operator with two menswear stores. Today the group has diversified from fashion retail business into other sectors. The diversification has further extended to cover non-retail business sectors such as real-estate, construction, financial services, health care and hospitality.
