Madinet Nasr Housing & Development (EGX: MNHD.CA, “MNHD”), Egypt’s leading urban developer, announced today that the board of directors met on Sunday to approve appointing Eng. Abdallah Sallam as the new CEO and to acquire MINKA Developments from the Sallam family. The Sallam family plans to eventually own approx. 5% of MNHD after the transaction is finalized.
The Sallam family will become the 3rd largest shareholder in MNHD after BPE Partners’ managed funds (29%) and the National Company for Construction and Development (15%).
About Eng. Abdallah Sallam
Eng. Abdallah Sallam (42), was most recently the Chairman and CEO of MINKA Developments which he co-founded in 2017. Throughout his 20 years experience, Eng. Sallam has helped manage several of the Sallam family ventures in multiple industries (manufacturing, retail, real estate, education). Eng. Sallam also sits on the boards of SolarizEgypt, Minlo and Namaa.
Eng. Sallam holds a Mechanical Engineering degree from AUC along with completing a few executive programs in Marketing and Business Str/ategy at Harvard Business School and Kellogg Business School of Northeastern University.
Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD’s land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport and 5.5mn sqm in a strategic location on the Suez Road.
You can learn more about us on our website at www.mnhd.com .
Director of Investor Relations
4, Youssef Abbas St.
Nasr City, Cairo
Tel: +2 (02) 2400-6207
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.