Madinet Masr, El Hazek Construction seal MoU extension to build Shalya project’s final phase
Updated 11/29/2023 10:31:00 AM
Arab Finance: Madinet Masr has inked an extension to a previously signed EGP 1.5 billion memorandum of understanding (MoU) with El Hazek Construction, as per an emailed press release.
Under the signing, the investment cost of the construction of the final phase of Shalya project and the Madinet Masr’s new headquarters in Taj City reaches EGP 1.7 billion.
With EGP 400 million in investments, the new headquarters spans a 12,000-square-meter area, and is expected to be delivered within 17 months.
Madinet Masr’s final phase of Shalya project is being built on a 63,000-square-meter area with investments of around EGP 607 million.
Shayla project is scheduled for delivery within 15 months, with the first phase expected to be handed over in early 2024.
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