Kuwait's NREC pens $200m Grand Heights Egypt deal
NREC subsidiary Kuwaidco and Bader El Dean Group to develop 35ha townhouse community west of Cairo
Kuwait's National Real Estate Company (NREC) expects to bank nearly $30m in profit by building a townhouse community in Egypt's Grand Heights development.
The real estate developer's subsidiary, Kuwait Wadi El Nile Urban Development Company (Kuwadico), signed a sub-development partnership agreement with Bader El Dean Group to kick off building work in Grand Heights, located in 6th of October City, also known as Al Sadis Min October.
Kuwaidco will transform an area of approximately 35ha into a residential development within Grand Heights, located just west of Cairo, over a 10-year period.
NREC said the total return on investment from the decade-long project would amount to $200m, with Kuwadico set to receive approximately $70.8m. NREC said the profits it expects to make from the real estate project will be closer to $29.3m.
Established in Kuwait in the 1970s, NREC featured in Construction Week's Top 50 GCC Developers 2018 list. The company says it manages a portfolio worth $2bn in Egypt, Kuwait, UAE, and other countries.