Madinet Masr, Redcon partner on $12.4-million investment in Egypt

Feyisayo Ajayi -
Key Points
  • Madinet Masr and Redcon Spain Construction partner to expedite Sarai project in New Cairo, with an investment exceeding EGP600 million ($12.4 million).
  • The Sarai project spans 5.5 million square meters, offering premium residential units and urban convenience near key locations like the New Administrative Capital.
  • Redcon will focus on completing Sarai’s Z Villas by 2025, ensuring luxury living in green surroundings for future residents.

Madinet Masr, a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, has signed a strategic partnership with Redcon Spain Construction, a prominent Egyptian contractor, to expedite progress on its flagship Sarai project in New Cairo.

The collaboration involves an investment exceeding EGP600 million ($12.4 million), underscoring Madinet Masr’s commitment to on-time delivery and premium residential offerings.

The Sarai project, situated along the Cairo-Suez Road and Al-Amal axis, covers 5.5 million square meters and offers a balance between urban vibrancy and suburban tranquility.

With residential units such as apartments, S-Villas, and townhouses, Sarai aims to attract homebuyers seeking luxurious living in green surroundings.

The location boasts convenient access, just 10 minutes from the American University in Cairo, 15 minutes from the Ring Road, and 5 minutes from the New Administrative Capital.

Redcon’s expertise to advance Sarai’s Z Villas by 2025

At the signing ceremony, key executives Tarek El Gamal, chairman of Redcon Spain Construction, and Abdallah Sallam, president and CEO of Madinet Masr, highlighted the importance of this collaboration.

“Redcon’s vision aligns perfectly with our goal of sustainable development through high-quality projects that build customer trust and loyalty,” Sallam said. He also noted that the company’s strong financial performance has enabled it to expand and diversify its partnerships with industry leaders.

The partnership will primarily focus on completing Sarai’s Z Villas project, a collection of luxury residential units built to meet international standards.

Construction is set to conclude in 2025, ensuring future residents enjoy a sophisticated and comfortable lifestyle.

Madinet Masr expands reach in Egypt’s real estate market

Founded in 1959 as a public real estate entity, Madinet Masr has grown into a major player in Egypt’s property market.

Initially focused on developing 40 million square meters in Nasr City, the largest neighborhood in Greater Cairo, the company now operates across multiple urban hubs throughout Egypt.

Abdallah Sallam, who also founded MINKA Development — holding a five-percent stake in Madinet Masr — has steered the company toward creating integrated, sustainable communities.

The Sarai partnership with Redcon Spain Construction further strengthens Madinet Masr’s portfolio and reflects its ongoing strategy to exceed market expectations while supporting sustainable urban development.