City Edge Developments (CED) said its board of directors (BoD) has approved the appointment of former Investment Minister Ashraf Salman as its new chairman to replace Hassan Ghanem, who had been selected for the same post last month, Invest-Gate reports

Ahmed El Weshahi, Lobna Helal, Mohsen Adel, Ragaa Foaad, and Abdel Moteleb Omara have all joined the company’s BoD as representatives of the New Urban Communities Authority (NUCA), according to a recent press release.

In mid-December, CED has appointed Amgad Hassanein to the position of CEO, succeeding Amr El Kady who earlier resigned his position, the company announced in a previous statement.

Moreover, CED has recently raised its capital, raising NUCA’s stake from 60% to reach 75%, whilst that of Housing and Development Bank (HDB) and one of its subsidiaries dropped to 23%.