Prime Minister Dr. Mostafa Madbouly attended the celebration of Misr Al-Gadida for Housing and Development Company, a subsidiary of the Holding Company for Construction and Development affiliated with the Ministry of Public Business Sector, on the occasion of its 120th anniversary, Invest-Gate reports.

The celebration was held at the historic Granada Palace in Heliopolis, one of the company’s most prominent assets.

The Prime Minister was received upon arrival by Eng. Mohamed Shimi, Minister of Public Business Sector. The ceremony was attended by Eng. Mahmoud Esmat, Minister of Electricity and Renewable Energy; Dr. Manal Awad, Minister of Local Development; Eng. Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities; Dr. Ahmed Fouad Hano, Minister of Culture; Dr. Ibrahim Saber Khalil, Governor of Cairo; and Eng. Abdel Sadek El-Shorbagy, Chairman of the National Press Authority.

The event also saw the attendance of several members of parliament, ambassadors, and major real estate developers.

In this context, Madbouly congratulated Misr Al-Gadida for Housing and Development on its 120th anniversary, noting that this national entity represents a significant milestone in the history of urban development in Egypt.

He stated, “What we are witnessing today in terms of reviving Heliopolis’ heritage is a natural extension of the state’s vision to preserve our cultural and urban identity while integrating it with sustainable development plans. Heliopolis is not just a residential neighborhood but a symbol of advanced urban planning that was ahead of its time. We are proud of the company’s efforts in preserving this heritage while simultaneously moving forward with an ambitious development vision.”

Madbouly also affirmed the state’s full support for initiatives to repurpose heritage assets and transform them into economic and tourism drivers. He noted that this approach represents one of the pillars of Egypt’s Vision 2030 by strengthening the partnership between the state and the private sector to create sustainable investment opportunities.

Eng. Mohamed Shimi affirmed that Misr Al-Gadida for Housing and Development is one of the most established real estate development companies in the region. He pointed out that the company represents a fundamental pillar in the ministry’s strategy to promote sustainable development and maximize returns from state-owned assets.

Shimi stated, “We view this venerable entity not only as a proud past but also as a promising platform for a developmental future based on restructuring, sound governance, and effective partnerships with the private sector, underpinned by fair contracts and transparent regulations that guarantee the state’s rights and generate real returns.”

During his speech, Shimi announced the opening of the historic Granada Palace, one of Heliopolis’ most prominent landmarks, following comprehensive restoration and development. It will operate as a cultural and tourist center according to the highest standards in partnership with a company specializing in heritage asset management, contributing to the creation of a cultural outlet that integrates societal and cultural dimensions and serves as a model for collaboration between the state and the private sector.

Dr. Sameh El Sayed, Managing Director and CEO of Misr Al-Gadida for Housing and Development, emphasized that the company is entering a new phase of expansion and modernization based on the principles of sustainability, smart partnerships, and integrated urban planning.

He pointed out that the company is implementing a self-development plan covering an area of 600 feddans, including residential, administrative, and commercial projects in New Heliopolis, with the first phase set to launch during the summer of 2025.

He also mentioned that several agreements have been signed with major real estate developers to accelerate the pace of development in New Heliopolis, which spans 5,400 feddans and represents a natural extension of Heliopolis.

He added that as part of the company’s expansion plans, a strategy has been developed to develop 766 feddans in Capital Gardens City, one of the most important urban expansion areas east of Cairo.