Madinet Masr has initiated construction investments amounting to EGP 10 bn to accelerate work on its major projects in Sarai and Taj City, Invest-Gate reports.
As one of Egypt’s leading real estate developers, Madinet Masr continues to advance its Sarai mixed-use projects near the New Administrative Capital and Taj City in East Cairo, adhering to the established schedule.
The company has made significant progress in implementation rates, meeting the highest standards of quality and sustainability, with capital expenditures for construction and infrastructure investments in existing projects totaling EGP 10 bn. This reflects Madinet Masr’s commitment to developing its land portfolio in strategic areas that deliver value to customers and align with the Egyptian state’s vision for urban development by 2030.
Throughout 2024, Madinet Masr has successfully implemented its expansion strategy by launching five new phases in the Sarai projects, covering an area of 5.5 mn sqm, and in Taj City, covering an area of 3.6 mn sqm. The company aims to develop areas in the Sarai and Taj City projects with non-residential activities covering up to 1,200 sqm within five years.
Commenting on the business growth, Eng. Abdallah Sallam, President and CEO of Madinet Masr, stated: “These achievements, which we are proud to have accomplished in 2024, reflect our unwavering commitment to innovation, quality, and sustainable growth. From this standpoint, we strive to provide integrated real estate products that embody these values and meet the needs of future generations. Our long history, spanning over 65 years, has earned us the trust of our customers, thanks to the dedication of our team and our commitment to developing integrated urban communities that offer our customers an experience that meets their needs and exceeds their expectations.”
He added, “We are focused on accelerating the pace of our construction work and adhering to the announced delivery schedules, in line with our ambitious strategy to expand our land portfolio and diversify our projects. We remain committed to developing the Egyptian real estate market.”