Egypt’s Madinet Nasr for Housing & Development (MNHD) has decided to put on hold its agreement with Saudi Arabia’s Fawaz Al Hokair Group to build a mega mall complex at the Taj Sultan project, as a result of the flotation of the Egyptian pound, a top executive told Egypt’s Youm7 newspaper.
Ahmed El Hitamy chief executive officer of MNHD said it would now study the agreement in light of the new currency exchange rates. The study is expected to be completed within six months, he added.
Al Hokair had planned to build three malls in the new administrative capital, New Cairo city, and Tanta city in Egypt, according to an Argaam report.
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