Madinet Nasr Housing & Development (MNHD) announced, on Sunday, that it has signed a 25-year land rental contract with Total Egypt at its Sarai compound.
The contract, which had been accepted by MNHD’s Board of Directors, had approved Total Egypt’s offer at a meeting in November 2019. The contract concerns an area of land on the El Amal Road, which serves as the main access route from the Suez-Administrative Capital Road.
The 3,000 sqm plot is set to be part of a larger 7,000 sqm development where Total Egypt will build and operate a flagship service station. Among the services available, it will include Total Egypt’s anchor Bonjour convenience store concept, with MNHD managing the adjacent commercial space. The station is expected to be operational in 12 months.
“This is MNHD’s first venture into a recurring income asset in SARAI,” said Ahmed El Hitamy, CEO of MNHD, “W are excited to team up with an industry leader such as Total Egypt.”
Peyami Oven, Managing Director of Total Egypt, said, “Total Egypt is proud to expand its network with a new flagship station within the premises of the prestigious Sarai development. This new station will provide our customers all our premium products and services including Bonjour shop, Excellium 95, TOTAL Wash and TOTAL QUARTZ Auto Care, reflecting our vision to deliver the best quality.”
Oven added that the project is a concrete reflection of the company’s ambition to grow and commitment to the economic development of the communities in which they work.