Madinet Masr has signed a Memorandum of Understanding (MoU) with Forward Contractors to execute construction works valued at EGP 1.45bn within “Rai,” one of the residential phases of its flagship mixed-use development, Sarai, located in East Cairo, as part of the company’s strategy to accelerate project delivery, expand its land portfolio, and adhere to sustainable urban development standards, Invest-Gate reports.
Under the MoU, Forward Contractors will be responsible for the construction of 95 residential villas within the “Rai” project at Sarai, with completion scheduled by the end of 2027. The agreement was signed by Eng. Abdallah Sallam, President & CEO of Madinet Masr, and Eng. Mohamed El-Gendy, Chairman & CEO of Forward Contractors, in the presence of senior executives from both companies.
Commenting on the MoU, Eng. Abdallah Sallam stated that the partnership represents a key milestone in Madinet Masr’s growth strategy, emphasizing the importance of collaborating with experienced contractors to accelerate construction timelines while maintaining the highest quality standards. He noted that the company continues to develop integrated and diversified real estate projects that respond to evolving customer needs and support sustainable growth across Egypt’s real estate market.
For his part, Eng. Mohamed El-Gendy expressed his pride in partnering with Madinet Masr on the Sarai project, highlighting Forward Contractors’ extensive expertise in executing high-end residential developments. He stressed the company’s commitment to delivering comprehensive construction solutions in line with the highest engineering standards, ensuring timely execution and exceptional build quality that meets customer expectations. He added that the partnership reflects shared values of excellence, innovation, and long-term collaboration.
Sarai is one of Madinet Masr’s flagship mixed-use developments in East Cairo, spanning more than 5.5mn sqm along the Cairo–Suez Road and the Al-Amal Axis. The project is designed as an integrated community that blends the vibrancy of modern city living with the tranquility of suburban life, offering a diverse range of residential units, including apartments, S-Villas, and townhouses. Sarai enjoys a prime strategic location just 5 minutes from the New Capital and 15 minutes from the Ring Road, ensuring high accessibility and strong long-term investment value.