Table of Contents
Key Point
- Egyptian developer inks $4 billion project in Cairo with Heliopolis Housing. Luxury homes, apartments, and commercial space planned.
- Project spans 491 feddans in New Heliopolis, with easy access and a projected revenue of $4 billion over 12 years.
- Madinet Masr CEO hails the project as a turning point for sustainable living in Cairo, showcasing the company’s expansion beyond Nasr City.
Madinet Masr, a leading real estate developer helmed by Egyptian magnate Abdallah Sallam, has finalized a substantial agreement with Heliopolis Housing and Development Company (Misr Al-Gadida) for an expansive project in Cairo.
The project, set to cover 491 feddans, will feature an extensive range of residential units, including luxury apartments, standalone villas, townhouses, and commercial spaces, according to a company statement.
Strategic location and significant revenue potential
Located in the satellite city of Shorouk within the Cairo Governorate, the New Heliopolis development spans 5400 acres and enjoys strategic positioning with direct access to both the Cairo-Ismailia and Cairo-Suez roads.
The project is expected to generate EGP194.67 billion ($4 billion) in revenue over 12 years. Madinet Masr holds a dominant 63.5 percent stake in the venture, having made an initial payment of EGP 1.10 billion ($23 million).
A milestone in Egypt’s urban development
“Our strategic expansion into pioneering projects underscores our unwavering commitment to delivering high-quality real estate products that fulfill needs and exceed our customers’ expectations,” said Abdallah Sallam, President and CEO of Madinet Masr.
“This partnership marks a milestone towards Egypt’s sustainable urban development, creating an appealing destination for those seeking distinctive residential opportunities,” Sallam added.
Beyond its focus on Nasr City, Madinet Masr has expanded its footprint across Egypt
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.
In a recent move to bolster its market presence, Madinet Masr signed a Memorandum of Understanding with Aboelwafa Contracting and Real Estate Investment Company to construct residential buildings within the Sarai project.
At the end of its 2023 fiscal year, Madinet Masr reported a profit of $68.54 million, a remarkable increase of 188.85 percent from the previous year, highlighting its robust financial health and market position.
