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FINANCIAL NEWS
Saudi’s Alhokair to construct shopping mall in Egypt
27 May 2015
(MENAFN) Saudi Arabia’s Fawaz Abdulaziz Alhokair, the retailer company, is ready to undertake the construction of a shopping mall at MNHD’s Teegan development in Egypt, Arabian Business reported.
Under the contract, Alhokair will run and be in charge of the mall for the upcoming fifty years, and then its ownership will be delivered to MNHD. During the fifty-year period, MNHD will receive part from the mall’s profits.
“Such deals should help MNHD to significantly improve on its financial performance and balance sheet, enabling it to unlock significant value from its unutilised land bank,” An official statement said.
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