Madinet Nasr for Housing & Development inks service station land rental to Total Egypt in SARAI

The 3,000 sqm plot will be part of a 7,000 sqm development

  

Madinet Nasr Housing & Development (EGX: MNHD.CA, “MNHD”), a leading urban developer in Egypt, announced today that it had signed the previously announced a land rental contract with Total Egypt inside its SARAI development. 

It is worth noting that  the board of directors meeting held on the 3rd of November 2019 has accepted an offer from TOTAL Egypt to rent a land plot in SARAI on El Amal Road (main access from Suez Road to the New Administrative Capital) for a period of 25 years.

The 3,000 sqm plot will be part of a 7,000 sqm development where TOTAL Egypt will build and operate a flagship service station with its anchor convenient store concept “Bonjour” among other services, and MNHD will manage the adjacent commercial space. The station is expected to be operational in 12 months.

“This is MNHD’s first venture into a recurring income asset in SARAI,” said Ahmed El Hitamy, CEO of MNHD, “and we are excited to team up with an industry leader such as Total Egypt.” 

“Total Egypt is proud to expand its network with a new flagship station within the premises of the prestigious SARAI development. This new station will provide our customers all our premium products and services including Bonjour shop, Excellium 95, TOTAL Wash and TOTAL QUARTZ Auto Care, reflecting our vision to deliver the best quality. In addition, this project is a concrete sign of our growth ambition and commitment to the economic development of our community. We are very pleased with this new partnership with MNHD and looking forward to more future cooperation.” confirms Peyami Oven, Managing Director of Total Egypt.

—Ends—

About Total Egypt

Total Egypt is a subsidiary of the international Oil Company Total SA established in 1998 with a mission to provide customers with quality products and services. The company is active across the entire oil product distribution sector, with general sales, lubricants, and Marine and Aviation activities as well as a Retail network.  The company runs a retail network of 240 stations throughout the country retailing high-quality fuels and lubricants, as well as services and various products at its Bonjour shops, and has established a state-of-the-art lubricant blending plant in Borg El Arab.  At Total Egypt, the safety of people and operations, environmental protection, customer satisfaction and listening to stakeholders are core concerns. Industrial hygiene, employee health and product quality are uncompromising priorities.

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

About MNHD

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 mnhd.com. 

Ahmed El Hitamy
CEO
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
aelhitamy@mnhd.com

Salah Katamish
Director of Investor Relations
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
skatamish@mnhd.com 

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