Arab Finance: Gharbia Islamic Housing Development - (GIHD) announced that it approved the feasibility study set to establish a commercial administrative project in Tanta, in a partnership with The Egyptian Railway Projects and Transport Co (ERJET).

The company revealed that the project will be executed on a land plot with an area of 15,500 square meters.

The company will own 50% of the project, as it will pay a deposit of LE50 million for partnership.

It is expected that the investment cost of the project will be around LE321 million, and the expected income of the project' sales will be around LE1.095 billion, Gharbia said in a statement sent to EGX.

It is worth mentioning, The company's BoD approved the issuance of the financial position for the third quarter of 2016.

Moreover, the Board decided to conduct procedures of authorized capital hike from LE50 million to LE500 million, as well as issued capital hike from LE22.500 million to LE50 million, funded in cash, and amending the company's purpose by adding some activities.

The company's Board decided to call the extraordinary general assembly to be convened in order to review changing the company's name to The Egyptian Group for Development and Projects Management "Edge".