Madinet Masr has signed an extension to its 2022 memorandum of understanding (MoU) with El Hazek Construction, raising the value to EGP 1.7 bn to finish the “Shalya” community and build its new headquarters in Taj City, Invest-Gate reports.

The revised MoU supports Madinet Masr’s expansion plans and sustained presence in its projects, the developer said. Its new headquarters in Taj City will feature an “innovative, sustainable design” reflecting its vision for decades ahead.

Covering 4 feddans, with 12,000 sqm of construction area, the EGP 400 mn headquarters will provide modern, advanced facilities promoting a productive work environment. The move from Nasr City marks a “pivotal” transition in Madinet Masr’s 64-year history.

The final Shalya phase, on 3 feddans with 63,000 sqm of construction at EGP 607 mn, concludes that project. Phase 1 costs EGP 700 mn and is due in early 2024.

CEO of Madinet Masr Abdallah Sallam said the headquarters will reflect values of growth, excellence, and added stakeholder value with an environmental focus. The location allows expanded scope and more efficient, effective services, he added.

CEO of El Hazek Construction Mahmoud El Hazek stated that the renewed partnership achieves the firm’s goals and it looks forward to innovative, efficient solutions and continued collaboration.

Taj City, housing the new headquarters, is a 3.5 million sqm flagship project in New Cairo near Cairo Airport, combining residential complexes, shopping, and lifestyle amenities with greenery.