The development plan for the Heliopolis Company for Housing and Development (HHD) will be handed over to Minister of Public Enterprise Sector Hisham Tawfik next week.
Talking to Daily News Egypt, Holding Company for Construction and Development (HCCD) Chairperson Hisham Abo El-Ata said the company will first meet with the HHD Board of Directors this week. During the meeting, the board will formulate the final plan before submitting it to the minister next week.
The plan includes clear mechanisms and action plans for the HHD’s development based on self-resourcing. It will also include partnership agreements with some developers to exploit a portfolio including plots of land, similar to the agreement signed with SODIC to develop 650 feddan in New Heliopolis.
Abo El-Ata noted that he is optimistic about HHD’s new Board of Directors and its ability to help the company advance with its assets. This will qualify HHD as the first real estate development company in Egypt in the future, building on the company’s 105-year existence in the market.
The HHD’s new Board of Directors comprises Khaled Zakaria Al-Adl Imam, part-time Board Chairperson; Tamer Mohamed Mohamed Nasser, Managing Director and CEO; Ismail Mahmoud Ismail Sayed, Managing Director for Technical and Implementation Affairs; Sahar Mohamed El-Damaty, Managing Director of Financial and Administrative Affairs; and Mohamed Anwar Mostafa El-Ahwany, part-time Board Member with experience.
HHD is a subsidiary of HCCD, which is affiliated to the Ministry of Public Enterprises Sector.
HCCD holds a 72.2% stake in the HHD, with 27.6% trading on the Egyptian Exchange (EGX), according to the last disclosure form sent to EGX.