Madinet Masr (EGX code: MASR.CA), a prominent developer in Egypt’s urban community developers, announced the signing of a Memorandum of Understanding (MoU) with El Hazek Construction to advance infrastructure development and expedite the construction of residential villas within the “Elect” project located in Taj City with an investment exceeding EGP 900 million, Invest-Gate reports.
The MoU reflects Madinet Masr’s commitment to delivering high-quality infrastructure that supports the government’s urban development plans and aligns with Egypt Vision 2030.
The signing ceremony was attended by Eng. Abdallah Sallam, President and CEO of Madinet Masr, and Eng. Mahmoud Yehia El Hazek, CEO of El Hazek Construction, along with other senior executives from both companies.
According to the MoU, El Hazek Construction will be responsible for constructing 134 residential villas and developing the infrastructure in “Elect” project, which will occupy a total area of 129,000 square meters with a built-up area of 60,000 square meters, anticipated to be completed within 16 months.
Eng. Abdallah Sallam remarked on the significance of this partnership, stating, “Establishing strategic partnerships with reputable companies is vital for enhancing our construction capabilities and delivering superior services that fulfill our customers’ expectations. He added, “Our vision emphasizes the development of our land portfolio and the creation of integrated urban communities equipped with modern infrastructure while adhering to sustainable practices in alignment with the state’s comprehensive urban strategy.”
In response, Eng. Mahmoud Yehia El Hazek expressed pride in their collaboration, stating, “Our strategic partnership with Madinet Masr is a testament to our commitment to contributing to the development of Taj City, aligning with our mission to create exceptional communities that meet the diverse needs of their residents. He added, “We are eager to initiate this project and ensure that we deliver high-quality infrastructure and numerous villas in the Elect project to the highest standards of excellence and efficiency.”
Mohamed Lashin, Senior Vice President of Projects at Madinet Masr, also emphasized the importance of this collaboration, saying, “We take immense pride in our strategic cooperation with El Hazek Construction to advance the development of Taj City. At Madinet Masr, we prioritize executing our real estate projects to the utmost quality and sustainability standards, working with industry leaders in engineering and construction.
He added, “This MoU reinforces our dedication to accelerating construction progress and delivering valuable real estate offerings that enhance the Egyptian market while adhering to established timelines.”
Taj City, strategically situated on the ring road in New Cairo, is in close proximity to Cairo International Airport and mere minutes from East Cairo, Downtown, and Heliopolis. The project spans an area of 3.5 million square meters, targeting a total sales volume of approximately EGP 30 billion. It aims to blend appealing residential designs with state-of-the-art facilities and a modern lifestyle experience, all set within a stunningly landscaped green environment.