Cairo – Mubasher: Madinet Masr Housing and Development signed a memorandum of understanding (MoU) with Smart Construction and Development (SCAD) for the Sarai multi-purpose project in New Cairo with a contractual value of EGP 650 million.
This collaboration aligns with Madinet Masr's strategic vision to create sustainable urban communities that meet its customers’ aspirations, according to a press release.
Under this partnership, the EGX-listed firm plans to accelerate the pace of its projects while maintaining the highest quality standards and adhering to the specified timetable.
Meanwhile, SCAD will carry out the construction of residential buildings, landscapes, fences, and surface drainage for several buildings in Project Croons within Sarai.
The development scheme, which spans 26,000 sqm, is expected to be completed within one year of the contract date.
Abdallah Sallam, President and CEO of Madinet Masr, said: "We are committed to providing the best services to our clients, and are pleased to collaborate with reliable and experienced partners like SCAD, who have a proven track record of success and share our ambitious vision for developing our flagship project, Sarai."
Salam added: "At Madinet Masr, we believe in adding value to Egypt’s real estate market through our projects and meet our clients' aspirations by creating integrated modern communities."
Mahmoud El Awady, CEO of SCAD, commented: "Our goal is to ensure that the project is executed to the highest standards of quality and efficiency, providing customers with a unique living experience that meets all their needs and aspirations."
In the first half (H1) of 2024, Madinet Masr logged consolidated net profits valued at EGP 1.45 billion, up 149.40% year-on-year (YoY) from EGP 584.70 million.
