Madinet Masr Invests EGP 7bn in 2023

Daily News Egypt
2 Min Read

Egypt’s developer Madinet Masr held a ceremony to celebrate the fruitful and strategic partnerships with its successful partners, comprising all third-party suppliers, with a total monetary value of EGP 7bn achieved throughout 2023 divided into; EGP 5.3bn for construction, EGP 1.35bn for infrastructure, EGP 250m for landscape, and EGP 100m for consultancy services.

The ceremony was attended by 73 companies of Madinet Masr success partners in the field of contracting, engineering, telecommunications, construction, suppliers, and facilities including the Arab Organization for Industrialization, Telecom Egypt, El Hazek, ASEC, Sadek Elsewedy, Medcom, Madkour, Cemex, Giza Cable Industries, Ali Tawfik Group, A-One Trading & Contracting, Gila, Pink Group, Electro Home, El Motaheda Co. for Aluminum Trade, Al Safwa Co. for Aluminum Works and more.

Speaking at this event, President and CEO of Madinet Masr, Abdallah Sallam, said: “We are very proud of the joint success with our partners as we’re always keen to establish partnerships with prominent suppliers that share aligned strategic objectives that involve the latest technological solutions in line with the evolving real estate landscape in Egypt.”

Among the notable partnerships throughout 2023 was the extension of the MoU with El Hazek Construction dedicated to constructing the final phase of the Shalya project in Taj City along with the company’s new HQ with a total of EGP 1.7bn. This comes along with the MoU signed with ASEC Automation (ASA), a subsidiary of Qalaa Holding, to execute the construction of 13 buildings in the Lake Park project in Taj City, amounting to EGP 100m, among other collaborations.

Madinet Masr aims to develop its land portfolio, exceeding 9 million sqm, through establishing new residential units and projects adhering to the highest standards of efficiency and quality, stemming from the company’s 64 years in the real estate market.

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