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.