Mubasher: National Real Estate Company (NREC) announced that its subsidiary Kuwait Wadi Elnile Urban Development Company (Kuwadico) has signed a partnership agreement to develop Grand Heights project in Egypt.
NREC has inked the agreement with Badr ElDin Group for a ten-year period, according to a recent press release.
The Boursa Kuwait-listed company said that a total return of EGP 3.6 billion ($201.3 million) is expected to be realised from developing this project, while Kuwadico’s share will be EGP 1.27 billion.
NREC added that the financial impact will be a profit of KWD 526 million for ten years.
