Back to the complete issue
Sunday, 2 April 2017

EGP 5 bn in contracted sales targeted in 2017 -MNHD’s “Meet the Board”

Madinet Nasr for Housing and Development’s (MNHD) is on track to achieve its target of EGP 5 bn in contracted sales in 2017, said CEO Ahmed El Hitamy at a “Meet the Board” event in Taj City in Cairo which we attended. By the end of 1Q17, MNHD has already achieved 38% of the targeted EGP 5 bn in contracted sales from the second phase of SARAI, despite a 50% price increase compared to phase one. MNHD is targeting EGP 1.18 bn in profits in 2017, up from EGP 738 mn in 2016. The company is now focusing on its sales plan, on diversifying its land bank and investing in recurring income through administrative and commercial assets, said El Hitamy. MNHD expects the Taj City project to be completed within 10 years, but the time frame might be reduced to seven-to-eight years given the pace of contracted sales. The company’s SARAI project is expected to be completed within 15 years.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.