Madinet Nasr Housing and Development (MNHD) concluded on August 28 a contract with the Arab African International Bank (AAIB) to obtain an EGP 300 mn short-term loan, Invest-Gate reports.

The deal is aimed at financing the construction of its New Cairo mixed-use development, Sarai, the Egypt-based developer said in a recent bourse filing.

In July, MNHD has launched its newest resort Cavana Lakes in Sarai Compound to offer an all-year-round luxurious living by the lagoon in New Cairo.

Besides, in May, the company’s board of directors has mandated the company’s managing director to ink a protocol with a real estate finance company to fund housing units of Nasr Gardens compound in 6th of October City. However, MNHD did not disclose the value of the deal nor the name of the property finance company.

In first half of 2019, MNHD posted consolidated net profits of EGP 515.7 mn, compared to EGP 611.7 mn in the same period a year earlier.