Madinet Masr, a prominent real estate development firm in Egypt, has announced the signing of a contract to develop a 42-feddan parcel of land in New Heliopolis in collaboration with Zahraa Maadi Investment and Development Company, Invest-Gate reports.
This partnership aligns with Madinet Masr’s ambitious agenda to deliver comprehensive and varied real estate ventures that cater to diverse customer needs, offering a distinctive lifestyle and contributing to the expansion of the Egyptian real estate sector.
The agreement was formalized in the presence of Eng. Abdullah Salam, President & CEO of Madinet Masr, and Eng. Moshera Kamal El-Maghraby, CEO and Managing Director of Zahraa Maadi Investment and Development Company, alongside senior executives from both entities.
Within this strategic alliance, the companies will collectively develop 41.88 feddans to establish an integrated urban community blending residential and commercial zones, providing inhabitants with a unique living environment in the heart of a dynamic city.
The project is slated to span approximately six years, with anticipated total revenues of EGP 11.4 bn, with Madinet Masr holding a 64% stake and Zahraa Maadi retaining a 36% stake.
Reflecting on the contract signing, Eng. Abdallah Sallam, President & CEO of Madinet Masr, remarked: “We take great pride in this recent milestone, underscoring the robust trust that Madinet Masr brand commands within the Egyptian real estate landscape. Our continual aim is to enrich our land portfolio and introduce diverse projects that address the evolving requirements of our clientele. We are confident that our collaboration with Zahraa Maadi will culminate in an exceptional urban community adhering to the highest global standards, in accordance with the Egyptian government’s agenda for realizing urban and sustainable development objectives and propelling economic advancement.”
Sallam emphasized, “We are optimistic about the success of this venture, given the prime strategic location within New Heliopolis, our innovative designs, and the value it will deliver to all stakeholders, underpinned by our 65-year legacy of leadership in the Egyptian real estate sector.”
