Home » Egyptian magnate Abdallah Sallam’s Madinet Masr’s Sheya project records $106.6 million in sales

Egyptian magnate Abdallah Sallam’s Madinet Masr’s Sheya project records $106.6 million in sales

by Omokolade Ajayi
Abdallah Sallam

Madinet Masr, a leading real estate developer, formerly known as Madinet Nasr Housing and Development (MNHD), and led by Egyptian magnate Abdallah Sallam, has reported robust sales of EGP 5.1 billion ($106.6 million) for its mega mixed-use development, Sheya.

Located near the New Administrative Capital on a 228,212-square-meter plot, Sheya is slated for completion within four years. The project will offer a diverse mix of 744 residential units, including 420 S-Villas, apartments, studios, and duplexes, according to a company press release. Its amenities encompass a clubhouse, water lagoons, and landscaped green areas.

Madinet Masr unveils 9 million sqm land strategy

“At Madinet Masr, we are guided by an ambitious strategy to develop our extensive land portfolio exceeding 9 million square meters,” said Abdallah Sallam, president and CEO of Madinet Masr. “We achieve this by delivering innovative projects that offer integrated and diverse real estate concepts catering to our customers’ needs.”

Mohamed Lashien, Senior Vice President of Products at Madinet Masr, commented, “The launch of the Sheya project is a valuable addition to Madinet Masr’s successful portfolio spanning over 65 years.”

Established developer, proven track record

Founded in 1959 as a public real estate entity, Madinet Masr is a leading developer in the region. While initially focused on developing 40 million square meters in Nasr City, the company has since diversified its portfolio.

Abdallah Sallam, a prominent Egyptian businessman and founder of MINKA Development, a wholly-owned subsidiary of Madinet Masr, holds a five percent stake in the company.

Financial strength and strategic vision

Madinet Masr’s positive financial results highlight the company’s resilience and strategic direction in a challenging economic climate. Under Sallam’s leadership, Madinet Masr achieved remarkable financial success in fiscal year 2023, with a net profit of $68.54 million, representing an impressive 188.85 percent increase from the previous year’s $23.8 million.

This surge is attributed to strategic cost-cutting measures and a significant rise in net operating revenues. From 2022 to 2023, net operating revenues climbed from EGP 5.33 billion ($172.49 million) to EGP8.11 billion ($262.45 million). Despite economic headwinds, Madinet Masr capitalized on heightened demand in the real estate sector, propelling it to record profits.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.