Egypt considers merging Maadi for Development, El Nasr Housing

Egypt is considering merging Maadi for Development and Construction and El Nasr Housing and Development Company, according to informed sources on Tuesday.

This comes with the goal of selling a stake to a strategic investor. The potential merger’s evaluation is currently pending the approval of the financial statements for the fiscal year (FY) 2022/2023 of both firms.

The idea of merging both companies was proposed by the Sovereign Fund of Egypt (TSFE).