Cairo – Mubasher: Madinet Masr Housing and Development penned a memorandum of understanding (MoU) with ASEC Automation, a subsidiary of Qalaa Holdings, according to a press release.
The two companies will join forces to construct the second phase of infrastructure and road networks for Sarai in New Cairo with investments exceeding EGP 580 million.
Spanning more than 4.20 million square metres (m2), the project aligns with Madinet Masr’s strategy to expand its land portfolio and secure high-quality infrastructure.
Meanwhile, the second phase of the Sarai project supports 14 residential neighbourhoods and is set to be delivered during 2026.
Abdallah Sallam, President and CEO of Madinet Masr, stated: “We aim to stay ahead of the remarkable growth in Egypt's real estate market, ensuring our ability to exceed the ever-evolving expectations of our customers.”
Mohamed Abdel Razek, CEO and Managing Director of ASEC Automation, commented: "Leveraging our expertise in automation and electrical engineering, we are committed to delivering high-quality infrastructure solutions with precision and efficiency, aligning seamlessly with Madinet Masr’s vision of creating exceptional living experiences that cater to clients’ evolving needs.”
As of 30 September 2024, Madinet Masr recorded consolidated net profits after tax and controlling interest valued at EGP 2.51 billion, up 87.77% from EGP 1.34 billion in 9M-23.
