Madinet Masr (EGX code: MASR.CA), one of Egypt’s leading urban community developers, has signed a strategic partnership with Redcon Spain Construction, a renowned construction firm, to trigger construction work in the Sarai mixed-use project in New Cairo. This partnership demonstrates the firm’s full commitment to delivering according to the agreed-upon schedule.
According to Industry sources, Madinet Masr seeks to boost its position as one of the top real estate companies in the Egyptian market by delivering integrated modern communities that not only boost the national economy but also combine luxury, sustainability, and excellence to meet and exceed customer expectations.
Industry sources further added that the signing of the agreement was attended by Eng. Abdallah Sallam, President and CEO of Madinet Masr, and Eng. Tarek El Gamal, Chairman of Redcon Spain Construction, and Mr. Amal Abdelwahed, Vice Chairman and Managing Director of Redcon Spain Construction, alongside senior executives from both companies. Under this partnership, Redcon Spain Construction will undertake the construction of the Z Villas in the East Wave project in Sarai, with investment exceeding EGP 600 million. Construction is scheduled for completion in 2025, adhering to the highest international quality standards to ensure maximum luxury and comfort for customers.
Eng Tarek El Gamal, Chairman of Redcon Spain Construction, expressed his deep satisfaction with this strategic partnership with Madinet Masr, a renowned leader in real estate development. He emphasized the critical role of this collaboration in shaping the future of urban development in Egypt, leveraging the combined expertise of both companies. El Gamal commended the Sarai project for its innovative and distinguished designs, which he described as setting new benchmarks in the real estate sector. He stated, “We are thrilled to contribute to this landmark project by incorporating cutting-edge engineering technologies and pioneering sustainability practices. Our mission is to deliver a development that not only adheres to the highest standards of quality and efficiency but also offers an exceptional living experience that fulfills the diverse needs and aspirations of its residents.”
Commenting on the MoU signing,ย Eng. Abdallah Sallam, President and CEO of Madinet Masr, stated, “Our companyโs economic performance is experiencing significant growth, which motivates us to further enhance and diversify our partnerships with leading firms. This approach aligns with Madinet Masrโs brand equity and the trust of our customers, while also advancing our commitment to sustainable urban development. We are proud to sign this strategic partnership with Redcon Spain Construction and are confident it will meet our customers’ aspirations, reinforcing our leadership in the real estate development sector.”ย Sallamย further emphasized, “Sarai represents an innovative mixed-use project that seamlessly integrates the vibrant sophistication of modern living with the tranquility of suburban life. We are dedicated to maximizing the potential of its expansive 5.5 million sqm area to offer residents the highest standards of luxury.”
Industry sources added that Sarai combines vibrant modern lifestyles with the tranquility characteristic of suburbs, offering a variety of spaces and units including residential apartments, S-Villas, townhouses, and others amidst vast green spaces. Spanning over 5.5 million sqm, Sarai is strategically located along the Cairo-Suez Road and Al-Amal axis and boasts a prime location just 10 minutes from the American University in Cairo, a 15-minute to the Ring Road, and a mere 5-minute distance from the New Administrative Capital, ensuring convenient accessibility.
