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Madinet Masr Housing and Development has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction work of the Sarai project.
The MoU covers the construction of residential buildings, fencing, and surface drainage for gardens across 14 buildings in the S2 neighborhood, according to a press release.
These buildings will occupy 82,527 square meters (sqm) on a land area of 31,640 sqm, with construction slated for completion by September 2025.
Abdallah Sallam, President and CEO of Madinet Masr, said: “We have an ambitious vision to develop the Sarai project, leveraging its prime location and unique design as part of our unwavering commitment to creating sustainable communities across all our operations.”
For his part, Saad Mahmoud Muhammad Aboelwafa, Chairman of Aboelwafa Contracting and Real Estate Investment, commented: “This cooperation reflects our commitment to promoting sustainable economic practices in the construction industry, delivering both environmental and economic value.”
Sarai is located on 1,330 acres and implemented with total investments exceeding EGP 1 billion.
The project offers a diverse range of spaces and units, including residential flats, S-Villas, townhouses, and more, set amidst expansive green areas.
Sarai is strategically positioned along the Cairo-Suez Road and Al-Amal axis. It enjoys a prime location just 10 minutes from the American University in Cairo, a 15-minute drive to the Ring Road, and only 5 minutes from the New Administrative Capital, ensuring convenient accessibility.
Madinet Masr reported a consolidated net profit of EGP 1.17 billion in the first quarter (Q1) of 2024, marking a significant annual increase from EGP 304.36 million.
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