Table of Contents
Key Points
- Madinet Masr expands to the UAE with Dubai-based subsidiary Cities of the World, aiming to tap into surging Gulf real estate demand.
- Abdallah Sallam leads regional growth, appoints veteran Mohamed Lashien to drive Madinet Masr’s international operations from Dubai.
- Despite Q1 profit drop, company signals long-term confidence with 42.7M share buyback amid strategic Gulf expansion.
Madinet Masr Housing and Development (MNHD), one of Egypt’s top real estate players led by Abdallah Sallam, has launched a wholly owned subsidiary in Dubai under the name Cities of the World, marking a significant milestone in its regional expansion strategy. The new entity will serve as the hub for managing the group’s real estate projects beyond Egypt.
The move marks a key milestone in Madinet Masr’s regional expansion plan, positioning the Cairo-based company to manage and scale operations outside Egypt. With Gulf real estate demand surging, the new entity aims to replicate Madinet Masr’s success in Egypt by exporting its sustainable development model to high-growth markets across the region.
“The launch of Cities of the World is central to our vision of regional growth,” said Abdallah Sallam, President and CEO of Madinet Masr. “This expansion reaffirms our commitment to positioning Madinet Masr as a leading real estate developer beyond Egypt’s borders.”
Veteran developer Mohamed Lashien to head Dubai arm
Founded in 1959, Madinet Masr has built a strong track record in residential, commercial, and mixed-use development. Under Abdallah Sallam, the company has launched several new ventures, focusing on modern urban design and emerging lifestyle trends.
As part of its international pivot, Madinet Masr has tapped Mohamed Lashien, currently Senior Vice President of Product Development, to serve as Managing Director of Cities of the World upon its formal establishment. Lashien is widely credited with driving several of Madinet Masr’s signature projects, and is expected to replicate this success in the UAE.
Q1 profit dip and share buyback highlight market strategy
In its Q1 2025 financials, Madinet Masr reported a 32.6 percent year-on-year drop in net profit to EGP794.9 million, down from EGP1.18 billion in Q1 2024. Revenue also slipped to EGP2.56 billion from EGP3.07 billion a year earlier. Despite the decline, the firm repurchased 42.7 million shares, signaling confidence in its long-term value and growth trajectory.
The move underscores Madinet Masr’s ambition to evolve into a regional powerhouse while staying true to its core values and legacy. With over 60 years of history in Egypt’s real estate market, the company continues to build on its foundation of quality, innovation, and community-focused development.
