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NREC's subsidiary, KUWADICO, signs sub-development partnership agreement

18 - December - 2018

The subsidiary of National Real Estate Company (NREC), Kuwait Wadi El Nile Urban Development Company – KUWADICO, has signed today a sub-development partnership agreement with Bader El Dean Group to develop an area of approximately 350,000 square meters into residential units within the overall Grand Heights project in Egypt for a period of 10 years.

The total expected return of this project is 3.6 billion Egyptian pounds, while the subsidiary's share, KUWADICO, is 1.27 billion Egyptian pounds. The expected financial impact on National Real Estate Company is a profit of 526 million Egyptian pounds over the next ten years.

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