DUBAI: The board of Egypt’s Medinet Nasr for Housing and Development (MNHD) has approved an offer from a unit of Saudi Arabian retailer Fawaz Abdulaziz Alhokair to build a mall at MNHD’s Teegan development, the firm said.

Under the proposed usufruct deal, Alhokair will own and operate the mall for 50 years before transferring it to MNHD, who in the meantime will receive a share of the mall’s revenues.

MNHD said the new mall would have a gross leasable area of 68,500 square meters and would take three years to construct.

The Teegan development is located in the east of the Egyptian capital.