NEW Head for NBE

Egypt’s Alexandria Real Estate Investment (Arel) posted a 96 per cent rise in net profit before minority interest to LE 74.1 million ($13.6 million) for the first quarter of 2008, the Cairo and Alexandria Stock Exchange (CASE) said yesterday.

Net profit before minority interest in the same period of 2007 was LE37.8 million, Reuters said.

Alexandria Real Estate in Egypt’s fourth-biggest listed real estate firm by market value.