ICEC

HDB agrees with Port Said Governor to establish 294 new units

Egyptian lender Housing and Development Bank has signed an agreement with Port Said Governor Adel Al Ghadban to expand in establishing 294 residential units in Al Jawhara project, Fathy El-Sebai, chairman of HDB said.

Al Jawhara project is considered to be one of the projects that has caused a quantum leap in Port Said.

The Governor emphasized that the launch of the new units in the Al Jawhara Project is an additional service to the Port Said  citizens to possess a housing project above average.

The capital of the Housing and Development Bank is EGP 1.26bn, distributed over 126.5m shares, with a nominal value of EGP 10 per share.

The ownership structure of the bank is distributed between the New Urban Communities Authority (29.81%), Remco Investments (9.74%), Misr Life Insurance, (8.92%), Misr Insurance (8.29%), Housing Finance Fund (7.41%), Egyptian Endowments Authority (5.03%), Saudi national Ali bin Hassan Dayekh (6.316%), Yaseen Al Shokairy (4.61%), and other shares held by individuals and companies, of limited value.

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