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 estateAbdallah 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."
