Madinet Masr, a top Egyptian real estate developer, signs a Memorandum of Understanding (MoU) with Aboelwafa Contracting & Real Estate Investment Company, Invest-Gate reports.

This partnership aims to develop the Sarai project, which covers 1,330 feddans (approximately 5.5 million sqm) and represents a total investment of over EGP 1 bn.

The MoU was signed by Abdallah Sallam, President and CEO of Madinet Masr, and Saad Mahmoud Muhammad Aboelwafa, Chairman of the Board of Directors of Aboelwafa Contracting & Real Estate Investment, in the presence of senior executives from both companies.

This agreement involves the construction of residential buildings, fences, and surface drainage for gardens in the S2 neighborhood. 14 buildings will span an area of 82,527 sqm on a land area of 31,640 sqm, with completion expected by September 2025.

Sallam expressed enthusiasm about the project, stating, “We have an ambitious vision to develop the Sarai project, leveraging its prime location and unique design as part of our unwavering commitment to creating sustainable communities across all our operations.” He highlighted that partnering with Aboelwafa, known for its extensive experience and advanced skills in real estate development, would ensure the project meets the highest quality standards.

Aboelwafa also voiced pride in collaborating with Madinet Masr stating, “We are proud to collaborate with Madinet Masr, one of Egypt’s leading real estate developers, to develop the Sarai project. With over 50 years of successful partnerships, we aim to build integrated and smart projects employing the highest engineering technologies and sustainability standards.”

This partnership is part of Madinet Masr’s broader strategy to deliver integrated real estate projects that cater to diverse client needs while enhancing the Egyptian real estate market. By accelerating project timelines and ensuring high standards, Madinet Masr continues to demonstrate its commitment to excellence and innovation in real estate development.