HHD Allocates EGP 50 mn to Develop Land Plot in New Cairo

Monday, 29th May 2017

Egypt’s Heliopolis for Housing and Development (HHD) is allocating EGP 50 mn from its investment budget for FY2017-18 to provide its land plot in New Cairo with basic facilities, Invest-Gate reports.

The company is working on developing the land plot to be in line with its new marketing policy and market requirements.

The company’s statement come as a reply to the Central Auditing Agency’s (CAO) report stating that HHD had not utilized the 1,600-feddan land plot despite spending EGP 83 mn in planning for an envisaged project on the land.

In a related development, the company’s shareholders approved its estimated budget for FY2016-17, setting targeted profits of EGP 372.6 mn.

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