Abdallah Sallam’s Madinet Masr signs $11.6 million deal for development project

Omokolade Ajayi -
Key Points
  • Madinet Masr secures $11.6 million deal with ASEC Automation for Sarai development’s second-phase infrastructure.
  • The partnership strengthens Madinet Masr's market position, with over 12 million square meters in land holdings.
  • Madinet Masr’s 88.9% profit surge highlights robust growth, driven by increased sales and strategic partnerships.

Madinet Masr, a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, has secured an $11.6 million deal with ASEC Automation to advance the second phase of infrastructure and road networks for its Sarai development in New Cairo, Egypt.

This partnership underscores the company’s strategic focus on expanding its presence in Egypt’s high-growth real estate market through key collaborations. The deal is part of Madinet Masr’s broader expansion strategy, reinforcing its dominant market position with an extensive land portfolio exceeding 12 million square meters.

Spanning 4.2 million square meters, Sarai development supports the company’s land expansion strategy with world-class infrastructure. The second phase, featuring 14 residential neighborhoods, is set for completion by 2026 and aligns with Egypt’s Vision 2030 for sustainable urban development and high-quality living spaces.

Advancing Egypt's real estate market

Abdallah Sallam, President and CEO of Madinet Masr, highlighted the company's commitment to sustainable urban development aligned with Egypt’s Vision 2030. He emphasized leveraging technology and innovation to deliver exceptional services, contributing to the national economy and staying ahead in Egypt's growing real estate market.

Mohamed Abdel Razek, CEO of ASEC Automation, a Qalaa Holdings subsidiary, highlighted the company’s partnership with Madinet Masr to advance the Sarai project. He emphasized ASEC’s commitment to delivering high-quality infrastructure that aligns with Madinet Masr’s vision for exceptional living experiences, while supporting Egypt’s goals of youth employment and sustainable growth.

Madinet Masr hits new height

Founded in 1959, Madinet Masr has evolved from a public-sector entity into a leading player in Egypt's real estate market under Abdallah Sallam’s leadership. With a 5-percent stake, Sallam remains a key figure in both Madinet Masr and the Egyptian real estate sector, also having founded MINKA Development, which is now a significant part of Madinet Masr’s portfolio.

Madinet Masr’s recent financial performance reflects its growth trajectory, with a notable 88.9 percent increase in net profit, surpassing $50 million. This was driven by a more than twofold rise in contracted sales and a 62.9 percent increase in revenue.

The company also secured a $12.4 million partnership with Redcon Spain Construction to expedite progress on the Sarai project, further solidifying its position as a market leader in Egypt’s competitive real estate sector.