Manazel Holding to develop project in Egypt
KUWAIT CITY, Aug 27: The project of Mubarak Al-Kabeer Port is expected to be completed in 2019 at a total cost of about KD 2 billion, reports Al- Nahar daily.According to informed sources, the rate of completion of the project has so far reached 52 percent. They indicated that the project will provide about 750 job opportunities for Kuwaiti citizens, enhance investments and develop the services provided by Kuwaiti ports.
The sources added that the project will contribute to enhancing revenues, reviving regional trade and increasing the level of economic performance of Kuwait. Meanwhile, Manazel Holding Company signed a contract to develop a service area project in Egypt, said the company in a statement published by Boursa Kuwait, the stock exchange, Monday.
Manazel Real Estate Company in Egypt, a subsidiary company, has signed a contract to develop a service area in the Lian project in cooperation with Land Mark Real Estate Development Company, one of Sabour Group companies, the statement added. According to the contract, the company will develop a service area of approximately 53,137 meters at the Lian project at the developer’s expense who will be solely responsible for marketing, selling and collecting the value of sales.
Mnazel Holding will be also in responsible for exploitation and disposition of the entire units constructed for KD 3.8 million ($12.5 million), paid in installments over a period of three years. “There is no impact on the financial statements at this time,” Manazel Holding said in its disclosure. Manazel Holding was established in 1983 and incorporated in Boursa Kuwait in 2009 with a capital of KD 43 million ($141.9 million).