Kuwaiti National Real Estate Company’s (NREC) unit Wadi El Nile Urban Development has signed a partnership agreement with Baderddin Group to develop part of Egypt’s housing units, Reuters reports.
Under the deal, NREC will develop 350,000 square meters of the country’s housing units.
The partnership is set to last for ten years, with an expected total project return of EGP 3.6 bn and the unit’s share to be EGP 1.27 bn.
According to Reuters, the anticipated financial impact on NREC’s profit stands at EGP 526 mn over the forthcoming ten years.