The Heliopolis Company for Housing and Development (HHD) will complete amendments of its development plan early next week, Hisham Aboul Atta, Chairperson of the Holding Company for Construction and Development (HCCD), has told Daily News Egypt.
He noted that the amended plan will be discussed and approved by Minister of Public Enterprises Sector Hisham Tawfik by the end of next week.
Aboul Atta expects that the HHD’s new Board of Directors will begin actual steps to implement the development plan by the end of this month.
Tawfik had met earlier with HHD’s Board of Directors, in the presence of Aboul Atta, to discuss the proposed strategy regarding maximising the use of its real estate portfolio. The company has developments in New Heliopolis, Korba, and the Merryland Park, as well as the historic Granada building in Heliopolis. The strategy also includes the administrative restructure of the company.
The HHD is a subsidiary of the HCCD, affiliated to the Ministry of Public Enterprises Sector. The HCCD owns 72.2% stake of the HHD, while the remaining 27.6% are free floating on the Egyptian Exchange (EGX).