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Abdallah Sallam, President, and CEO of MNHD and Alaa Abdelaziz, President, and CEO of CONSTEC at the signing of the MOU
Egyptian developer Madinet Nasr for Housing and Development announced on Sunday the signing of a Memorandum of Understanding (MoU) with CONSTEC Construction and Design to carry out construction works for The Arena Mall and Cavana projects located within the Sarai mixed-use development in New Cairo.
The contract value is worth more than half a billion Egyptian pounds ($16 million), MNHD said in a stock exchange statement.
The Arena Mall, a commercial project with a built-up area (BUA) of approximately 8,000 square metres, is expected to be delivered within 12 months from ground-breaking, while same for Cavana, a 215-villa residential project with BUA of approximately 5,500 sqm, is 20 months upon ground-breaking.
The master plan of Sarai was developed by international architecture firm Benoy.
(1 US Dollar = 30.48 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
