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National Real Estate Company (NREC) has announced that its subsidiary, Kuwadico, has entered into a partnership agreement to develop a real estate project in Egypt. The project is estimated to cost around KWD 35.5 million and will be developed over a 12-year period. According to the company, the development is expected to generate total revenue of approximately KWD 42 million during its lifecycle. The subsidiary's expected profit from the project is estimated at KWD 6.4 million, with NREC's share of the profit projected at around KWD 5.1 million based on its ownership stake.
National Real Estate Company (NREC) has announced that its subsidiary, Kuwadico, has signed a partnership agreement to develop a real estate project in Egypt, marking another investment by the Kuwait-based developer in the regional property market.
The proposed development carries an estimated total project cost of approximately KWD 35.5 million and is planned to be executed over a period of 12 years. The company stated that the project is expected to generate total revenue of around KWD 42 million throughout its development and operational cycle.
Based on current projections, Kuwadico is expected to record profits of about KWD 6.4 million from the project. NREC's share of those profits is estimated at approximately KWD 5.1 million, reflecting its ownership interest in the subsidiary.
Egypt has continued to attract investment from regional real estate developers in recent years, supported by ongoing urban expansion, infrastructure development and growing demand across residential, mixed-use and commercial segments. Several Gulf-based developers have increased their presence in the country through partnerships and large-scale projects aimed at serving both domestic buyers and international investors.
The latest agreement strengthens NREC's presence in the Egyptian market and adds to its portfolio of regional real estate investments. The company has not disclosed further details regarding the project's location, asset type or development phases.
Source Reuters
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