Madinet Nasr for Housing and Development (MNHD) signs a Memorandum of Understanding (MoU) with El Hazek Construction to carry out construction work worth EGP 1.5 bn for its projects starting with Shalya project in Taj City in New Cairo, Invest-Gate reports.

Under the deal, Al Hazek Construction will carry out the construction work of 34 residential buildings in Shalya project with a total of 941 units with various spaces ranging from 69 to 300 sqm over 34 acres.

The scope of work will extend to cover a number of phases within the project over the two-year term of the agreement. Further, phase I of the project is expected to be delivered within 18 months.

Taj City is close to Cairo International Airport and minutes away from East Cairo, Downtown, and Heliopolis. Additionally, Taj City spans over 3.5 million sqm with EGP 30 bn sales. The flagship project infuses the attractive design of residential complexes with the best-in-class facilities, shopping concepts and modern lifestyle, and spectacular green landscape.

Shalya is located within the downtown area of Taj City with breathtaking views of lush landscaping in all directions and a unique design that ensures the highest levels of privacy and a variety of unit types.

Abdallah Sallam, CEO of MNHD, states, “This new partnership is part of MNHD’s strategy to develop a mixed-use land portfolio in Taj City project and expand its portfolio of residential units with the highest standards.”

On his side, Mahmoud Yehia El Hazek, CEO of El Hazek Construction, says that cooperating with MNHD is a valuable addition to El Hazek Construction’s track record of achievements in the Egyptian market.

Moreover, Yehia concludes that this partnership serves El Hazek’s vision in providing top-notch real estate products that contribute to the development and growth of communities.