Firm of Egyptian businessman Abdallah Sallam pens MoU for $21-million project

Timilehin Adejumobi -

Key Point

  • Madinet Masr partners with Aboelwafa Contracting for residential buildings in Egypt’s Sarai project, enhancing its real estate presence.
  • Sarai project spans 1,330 acres with over $21 million in investments, strategically located near key institutions in Cairo.
  • MoU outlines 14 buildings in Cairo’s S2 neighborhood, slated for completion by September 2025 along the Cairo-Suez Road.

Madinet Masr, a leading real estate developer led by Egyptian magnate Abdallah Sallam, has entered into a Memorandum of Understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company for the construction of residential buildings within the Sarai project, strengthening its footprint in Egypt’s real estate sector with this strategic partnership.

Spanning 1,330 acres with investments exceeding EGP1 billion ($21 million), Sarai project’s prime location offers convenient access to key institutions such as the American University in Cairo, the Ring Road, and the New Administrative Capital. This strategic positioning underscores the project’s appeal for both residential and commercial sectors.

MoU signed for residential construction in Cairo’s S2 neighborhood

The MoU outlines plans for the development of 14 residential buildings, along with fencing and surface drainage, covering an area of 82,527 square meters within the S2 neighborhood. Scheduled for completion by September 2025, the project is situated on a 31,640-square-meter plot strategically located along the Cairo-Suez Road and Al-Amal axis.

Abdallah Sallam, president and CEO of Madinet Masr, expressed optimism about the collaboration, stating, “We have an ambitious vision to develop the Sarai project, leveraging its prime location and unique design as part of our unwavering commitment to creating sustainable communities.”

In response, Saad Mahmoud Muhammad Aboelwafa, Chairman of Aboelwafa Contracting and Real Estate Investment, emphasized their commitment to sustainable development practices, saying, “This collaboration underscores our dedication to advancing sustainable economic practices within the construction sector, delivering both environmental stewardship and economic value.”

Madinet Masr: Evolving Egyptian real estate powerhouse

Founded in 1959, Madinet Masr has evolved from a public real estate entity focused on Nasr City’s development to a diversified powerhouse under Abdallah Sallam’s leadership. With a five percent stake in the company, Sallam also founded MINKA Development, further expanding his influence in Egypt’s real estate market.

At the end of its 2023 fiscal year, Madinet Masr reported a profit of $68.54 million, marking a significant increase of 188.85 percent from the previous year. The company’s robust sales of EGP 5.1 billion ($106.6 million) from its Sheya mega mixed-use development further underscore its financial strength and market presence.

The collaboration between Madinet Masr and Aboelwafa Contracting represents a significant step forward in Egypt’s real estate landscape, promising innovative residential solutions and sustainable growth for the Sarai project.