Egypt-based Zahraa Maadi Investment and Development plans to build a 34-acre integrated residential and commercial development in New Heliopolis, east Cairo, Invest-Gate reports.

In its last meeting, Zahraa Maadi’s board of directors agreed to officially request purchasing the plot from the landowner, or Heliopolis Company for Housing and Development (HHD), according to the developer’s bourse filing on December 2.

During the first nine months of 2019, Zahraa Maadi registered a net profit of EGP 110.2 mn, compared to EGP 87.17 mn in the prior-year period, it revealed in its recent financial results.

Meanwhile, it is noteworthy to mention that Public Enterprise Minister Hesham Tawfik previously announced that 22-25% of shares in HHD will be offered on the Egyptian Stock Exchange (EGX) in Q1 2020, he said in an official statement in late November.

Last June, Egypt’s Ministry of Public Enterprise Sector and Holding Company for Construction and Development agreed to offer 22% of HHD’s equity in a share sale – or via “a limited bidding” – on EGX, half of which will be sold to a qualified private investor.