Damac Properties yesterday signed a partnership with the Housing and Development Bank (HDB) of Egypt (Taameer Wel-Iskar) for 60 per cent of the developer's projects in New Cairo to be transferred to the bank.
Under the new partnership, HDB will purchase 60 per cent of Damac Properties' development at Hyde Park. This share will then be transferred to the management of the newly formed Hyde Park Property Development Company.
A board will be formed comprising seven directors – four from HDB and three from Damac Properties who will manage the company. Damac Properties will retain the remaining 40 per cent of the development. The company did not disclose the value of the deal.
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