Madinet Masr (EGX: MASR.CA) has announced the signing of a Memorandum of Understanding (MoU) with Forward Contractors to carry out construction works within “Sarai,” the company’s flagship mixed-use project in East Cairo, with total investments of EGP 1.45 billion. This partnership is part of Madinet Masr’s growth strategy to deliver residential solutions, develop its land portfolio, and accelerate project delivery while adhering to the latest sustainable urban development standards.
The MoU was signed by Eng. Abdallah Sallam, President & CEO of Madinet Masr, and Eng. Mohamed El-Gendy Chairman & CEO from Forward Constructions, in the presence of senior executives from both companies. Under the agreement, Forward Contractors will undertake the construction of 95 residential villas in “Rai” project, within Sarai, with completion scheduled by the end of 2027.
Commenting on the MoU, Eng. Abdallah Sallam, President & CEO of Madinet Masr, said:
“This partnership represents an important step in our strategy to accelerate the pace of our projects’ constructions by collaborating with partners possessing strong expertise, such as Forward Contractors. At Madinet Masr, we continue to develop our robust land portfolio through integrated and diverse projects, strengthening our ability to meet customer needs and supporting sustainable growth in Egypt’s real estate market.”
From his side, Eng. Mohamed El-Gendy Chairman & CEO from Forward Contractors stated: “We are pleased to collaborate with Madinet Masr on this project, reflecting our commitment to delivering comprehensive construction solutions to the highest engineering standards. Our experience in executing high-end residential projects enables us to ensure exceptional quality and strict adherence to timelines, contributing to the project’s success and meeting customer expectations. We look forward to a sustainable and fruitful partnership with Madinet Masr, reinforcing our shared values of excellence and innovation.”
Sarai is one of Madinet Masr’s flagship projects in East Cairo. Its design embodies a unique concept that tailors the living experience to the individual needs and preferences of residents, blending the vibrancy of modern city life with the peacefulness of suburban living. It offers a diverse range of residential options, including apartments, S-Villas, townhouses, and others. Sarai is a multi-purpose project which spans over 5.5 million sqm and located along the Cairo-Suez Road and Al-Amal axis. The project boasts a prime location is just 5-minute from the New Administrative Capital, and 15 minutes from the Ring Road, which guarantees convenient accessibility.
