Arab Finance: Madinet Masr inked a memorandum of understanding (MoU) with El Hazek Construction to accelerate construction progress in Taj City with an investment exceeding EGP 900 million, according to a statement.

The two companies joined forces to execute infrastructure works and build residential villas in the Elect project.

This aligns with the EGX-listed company’s objectives to deliver sustainable real estate solutions that contribute to the local real estate sector growth and support Egypt Vision 2030.

Under the MoU, El Hazek Construction will build 134 residential villas and develop the infrastructure in the project, which is expected to be completed within 16 months.

The development scheme will cover a built-up area of 60,000 square meters on a plot of 129,000 square meters.

Abdallah Sallam, President and CEO of Madinet Masr, stated: "Our ambitious vision focuses on developing our land portfolio and creating integrated urban communities with advanced infrastructure while adhering to sustainability principles, in line with the state's strategy for comprehensive urban development."

It is worth highlighting that Taj City is developed over an area of 3.5 million square meters, with a total sales volume estimated at EGP 30 billion.  

Madinat Misr recently teamed up with ASEC Automation, a subsidiary of Qalaa Holdings, to develop the second phase of the infrastructure and road network for the Sarai project in New Cairo.

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