El Far: Naeem Holding To Finish Smart Village Project In 2014

Naeem Holding (NAHO.CA) has noted that it plans to complete the administrative buildings project in Smart Village by the year of 2014, of total costs worth EGP 1.2 billion.

Youssef Medhat El Far, Naeem Holding Managing Director, said about 30 thousand meter out of  an area of 140 thousand meter in Smart Village project has been finished.

“The rest of the area of 140 thousand meter in Smart Village project will be completing in 2014.” El Far added

“The Smart Village project is being carried out in collaboration with Banque Misr, Export Development Bank of Egypt (EDBE) and Ahli United Bank.”

In the meanwhile, El Far asserted that the political post-revolution incidents have severely hit Naeem Holding posting losses of $13 million during last year.

Yet, El Far noted that the company has managed to pare its losses to reach $2.8 million during the first quarter of the current year as the country has begun to witness stability.

“I expect Naeem to witness a more positive performance this year,” he said.