The board of Egypt’s Madinet Nasr for Housing and Development (MNHD) said on Tuesday that it has approved an offer from Saudi Arabia’s retailer Fawaz Alhokair Group to build a mega mall at MNHD’s Teegan development, according to its statement to the Egyptian bourse.

 

Under the 50-year usufruct deal, a subsidiary of Alhokair, the Egyptian Centers for Real Estate Development, will construct, own, operate the mall before transferring it to MNHD. MNHD will receive a share of the mall’s revenues, which would translate into EGP 15,880 a square meter, it added.

 

“This is a natural outgrowth of our strategy to expand our recurring revenue base,” Ahmed El Sayed, chairman of MNHD, was quoted as saying in the statement.

 

The Teegan development is located in the east of Cairo, and will cover 3.5 million square meters. 

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