In a transformative move for Egypt’s real estate sector, Madinet Masr (EGX code: MASR.CA) has signed a landmark Memorandum of Understanding (MoU) with El Hazek Construction. This agreement focuses on expediting construction and infrastructure in the highly-anticipated Elect project at Taj City, with an investment exceeding EGP 900 million. This partnership exemplifies a shared commitment to advancing high-quality urban development in alignment with Egypt Vision 2030.
Details of the memorandum of cooperation
Under the agreement, 134 residential villas will be constructed alongside cutting-edge infrastructure covering a built-up area of 60,000 square meters on a total plot of 129,000 square meters. The project is projected for completion within just 16 months, promising a new benchmark for efficient and sustainable development in Egypt.
Commenting on the collaboration, Eng. Abdallah Sallam, President and CEO of Madinet Masr, emphasized the importance of strategic partnerships in achieving urban transformation. “Our vision prioritizes the creation of integrated communities with advanced infrastructure, in line with the government’s urban development goals,” he stated.
Echoing this sentiment, Eng. Mahmoud Yehia El Hazek, CEO of El Hazek Construction, expressed pride in contributing to Taj City’s success. He affirmed the company’s commitment to delivering high-quality infrastructure and unique living experiences that cater to the expectations of modern buyers.
Taj City: A Strategic Urban Landmark
Located in New Cairo near the Ring Road, Taj City is a premier mixed-use development spanning 3.5 million square meters. With its proximity to Cairo International Airport and East Cairo, the project offers unparalleled accessibility. Blending residential, commercial, and green spaces, Taj City boasts a sales volume of EGP 30 billion, reflecting its immense value as a transformative urban hub.
This MoU highlights Madinet Masr’s dedication to fostering innovation and progress in Egypt’s real estate sector while contributing to the nation’s sustainable growth objectives.
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