Table of Contents
Key Points
- Madinet Masr and SCAD sign MoU for Sarai project in New Cairo, valued at $13 million, to drive regional real estate growth.
- The 26,000-square-meter Sarai development aims for completion in a year, enhancing Madinet Masr’s urban sustainability vision.
- SCAD will manage construction, landscaping, and drainage for Sarai, focusing on efficiency and quality to optimize project execution.
Madinet Masr, a leading real estate developer led by Egyptian magnate Abdallah Sallam, has inked a Memorandum of Understanding (MoU) with Smart Construction and Development (SCAD). This partnership will drive the development of the Sarai multi-purpose project in New Cairo, valued at EGP650 million ($13 million), marking a major step in regional growth.
The Sarai project, spanning 26,000 square meters, is set to enhance Madinet Masr’s vision of creating sustainable and superior urban environments. Scheduled for completion within a year from the contract date, this initiative is poised to elevate the company’s growth trajectory and cement its position in Egypt’s real estate landscape.
Under the agreement, SCAD will oversee the construction of residential buildings, landscaping, fencing, and surface drainage for the Sarai project’s Project Croons. This strategic partnership is designed to optimize project efficiency while adhering to stringent quality standards. By leveraging SCAD’s expertise, Madinet Masr aims to streamline project timelines and deliver a top-tier living experience.
Strategic alliance to boost Egypt’s real estate
Abdallah Sallam, President and CEO of Madinet Masr, expressed his optimism about the partnership, stating, “Our commitment to delivering exceptional services to our clients drives us to collaborate with esteemed partners like SCAD, who share our vision and have a proven track record of excellence. Together, we aim to elevate our flagship project, Sarai, and contribute meaningfully to Egypt’s real estate landscape.”
Echoing this sentiment, Mahmoud El Awady, CEO of SCAD, highlighted the partnership’s focus on superior quality and efficiency. “Our goal is to deliver unparalleled project execution, ensuring a distinctive living experience that meets and exceeds customer expectations,” El Awady noted.
Madinet Masr grows real estate portfolio
Established in 1959, Madinet Masr has transitioned from a public real estate entity focused on Nasr City to a diversified leader in the Egyptian real estate market under Abdallah Sallam’s stewardship. With a five percent stake in the company, Sallam, who also founded MINKA Development—a key component of Madinet Masr—remains a central figure in the sector.
The company recently strengthened its market position with a MoU with Aboelwafa Contracting and Real Estate Investment Company for additional residential units in the Sarai project. It has also secured a new agreement with Heliopolis Housing and Development Company (Misr Al-Gadida) for a major project in Cairo, further expanding its portfolio and reinforcing its market presence.
