Madinet Nasr Housing and Development (MNHD), announced that the board of directors met on Sunday to approve the appointment of Abdallah Sallam as the new CEO.
MNHD will also acquire MINKA Developments from the Sallam
Family. The Sallam family plans to eventually own approximately 5% of MNHD after the transaction is finalised.
Accordingly, the Sallam family will become the third-largest shareholder in MNHD, behind BPE Partners’ which owns 29%, and the National Company for Construction and Development with 15%.
Sallam was most recently the Chairperson and CEO of MINKA Developments, which he co-founded in 2017.
Throughout his 20 years of experience, Sallam has helped
manage several of the Sallam family ventures in multiple industries including manufacturing, retail, real estate and education.
He also sits on the boards of SolarizEgypt, Minlo and Namaa.
Sallam holds a Mechanical Engineering degree from AUC along with some executive programs in Marketing and Business Strategy at Harvard Business School and Kellogg Business School of Northeastern University.
