Egyptian developer Nasr City Housing said on Sunday it had received a 1,339 feddan (5.5 million square meter) plot of land on the outskirts of Cairo after settling a dispute with Egypt’s army.
The Egyptian army had refused to hand over the plot until someone paid to move a shooting range on the property. “The land was assigned to the company by a republican decree,” said Gomaa Abdel Wahab, head of finance at the formerly state-run company.
He said usage of the land, located on the Egypt-Suez desert road, had not yet been determined. Nasr City Housing posted a net profit of LE42.9 million (US$7.86 million) for the period July-December, down from LE61.7 million a year earlier.
