National Real Estate Bank to establish an Egyptian-Saudi Company in Dammam

National Real Estate Bank for Development’s board approved establishing an Egyptian-Saudi Company, with initial capital of EGP one million in Dammam City, and to acquire not less than 80% of the total capital of the new company.

National Real Estate Bank for Development’s profit retreated by about EGP 2 million in 2011, reaching EGP 4.5 million, compared with EGP 6.5 million in 2010, Ahram reported.

Net operating capital declined to reach EGP 45.3 million by the end of past December, compared with EGP 47.4 million by the end of December 2010. Equity instruments also fell to reach EGP 45.9 million, compared with 47.9 million.