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