The Clap
Heliopolis Company for Housing and Development (HELI) will no longer partner with Mountain View in the development of the Heliopark project.
What
Mountain View was chosen by Heliopolis Housing to co-develop Heliopark, but no contracts were signed.
So what
The partnership fell through because of the current economic conditions, Heliopolis Housing said, adding that its land valuation has increased significantly over the past period.
Now What
Youssef Al-Banna, an analyst at Naeem Holding, said that Heliopolis Housing will look for another investor, most likely from the Gulf, in an attempt to secure foreign currency.
This is in line with the news that the Holding Company for Construction & Development (HCCD), the company that owns Heliopolis Housing, is negotiating with Gulf companies and funds to sell lands.
