Egyptian mogul Abdallah Sallam's Madinet Masr unveils new luxury project in Mostakbal City

Timilehin Adejumobi -
Key Points
  • Located in Mostakbal City, the luxury development is set to generate EGP64 billion ($1.32 billion) in sales.
  • "Butterfly" features Mediterranean-inspired architecture, green spaces, water elements, and aims to blend luxury with eco-friendly living.
  • Madinet Masr's net profits surged 149.4% to EGP 1.45 billion ($29.54 million) in H1 2024, with revenues up 95.8% year-over-year.

Madinet Masr, a real estate developer led by Egyptian magnate Abdallah Sallam, has announced the launch of its latest luxury project, “Butterfly,” located in Mostakbal City. This new development, through the company's unit, Minka Development, is set to revolutionize the luxury real estate market with its emphasis on innovative design and sustainable living.

The Butterfly project, covering 187 feddans along Al-Amal Axis, is set to generate EGP 64 billion ($1.32 billion) in sales. Developed by Madinet Masr, the project aims to blend luxury with sustainability. Located near key areas like the New Administrative Capital, Shorouk, and New Heliopolis, Butterfly offers convenience and high-end living with added security features. 

Butterfly project lends luxury and green

Inspired by Mediterranean architecture, the development includes S Villas (238 sqm), townhouses (245-256 sqm), and standalone villas (175-240 sqm). It features green spaces and water elements, enhancing its tranquil setting. The design mimics butterfly wings, incorporating extensive green areas and water features. A major commercial area with a 729-meter frontage on Al-Amal Axis will provide upscale shopping and dining.

Abdallah Sallam, president and CEO of Madinet Masr, emphasized, “The Butterfly project is a significant milestone in our expansion plans and represents our first investment in Mostakbal City. Our goal is to merge luxury with sustainability, utilizing eco-friendly materials and advanced technologies to minimize energy and water consumption.”

Company growth and strategic partnerships

Since its establishment in 1959, Madinet Masr has evolved from a real estate entity focused on Nasr City to a diversified leader in the Egyptian real estate market under Abdallah Sallam's leadership. Sallam, who owns a five-percent stake, also founded Minka Development, integral to the company's operations.

Under Sallam, Madinet Masr has achieved significant financial growth. In the first half of 2024, net profits soared 149.4 percent to EGP1.45 billion ($29.54 million), up from EGP584.7 million ($11.91 million) a year earlier. Revenues surged 95.8 percent year-over-year to EGP4.3 billion ($87.57 million).

Madinet Masr also recently signed a $13 million Memorandum of Understanding with Smart Construction and Development (SCAD) for the Sarai project in New Cairo, reinforcing its position in the regional real estate market.