January 21, 2022

HHD’s legal counsel sets final terms of partnership contract with Mountain View


ArabFinance: The legal counsel of Heliopolis Housing and Development (HHD) (HELI) and the Holding Company for Construction and Development (HCCD) held a meeting to set the final terms of the partnership contract between HHD and Mountain view, sources familiar with the matter told Ak Mal Newspaper.

On December 29th 2021, HHD announced that its board of directors has officially approved the offer submitted by Mountain View, upon which the two companies partnered up to develop the 1,695-acre Heliopark project.

Once the final terms of the partnership contract are determined, the contract will be reviewed by Mountain View’s officials, the sources said.

The final contract is expected to be signed between the two parties in early February 2022, the sources noted.

The expected revenues from the Heliopark project are estimated at EGP 397 billion to be obtained over 25 years, of which HHD’s share amounts to around EGP 119 billion.

Mountain View will settle a down payment of EGP 1.4 billion to HHD after the signing of the final contract, the sources said.

HHD is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, as well as projects’ planning and supervising. This is in addition to the construction of houses, hotels, holiday resorts, and hospitals.

arabfinance


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