The project will include residential and commercial spaces across 41.88 feddans in New Heliopolis. Credit: Rapeepat Pornsipak via Shutterstock.
Madinet Masr, a real estate development company, has reached a strategic partnership with Zahraa Maadi Investment and Development Company to develop a 42-feddan plot of land in New Heliopolis, Egypt.
This strategic move is set to bolster Madinet Masr’s portfolio of diverse real estate projects and contribute to the growth of Egypt’s property market, as per information posted in a release on Zawya.
The development agreement, signed by Madinet Masr president and chief executive officer Abdullah Salam and Zahraa Maadi chief executive officer and managing director Moshera Kamal El-Maghraby, paves the way for the creation of an integrated urban community.
The project will blend residential and commercial spaces across 41.88 feddans, aiming to offer a dynamic lifestyle to its future residents.
With a six-year timeline projected for the project’s completion, the partnership anticipates generating total revenues of E£11.4bn ($576m).
Madinet Masr will hold a 64% share of the project while Zahraa Maadi will hold the remaining 36%. Both companies bring experience in real estate development, with Zahraa Maadi having been established in 1980 and operating across various sectors.
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The collaboration aligns with Madinet Masr’s strategic focus on crafting sustainable urban communities tailored to customer needs.
This approach was previously demonstrated in August 2024 when Madinet Masr entered into a memorandum of understanding with Smart Construction and Development for the Sarai multipurpose project in New Cairo, which is expected to reach completion within a year of commencement.
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