Madinet Masr, a leading real estate developer led by Egyptian businessman Abdallah Sallam, has formed a strategic relationship with Redcon Spain Construction, a well-known Egyptian contractor, to accelerate construction on its flagship Sarai project in New Cairo.
The agreement includes an investment of more than EGP600 million ($12.4 million), demonstrating Madinet Masr’s commitment to on-time delivery and superior residential solutions.
The Sarai project, located on the Cairo-Suez Road and Al-Amal axis, spans 5.5 million square meters and strikes a mix between urban energy and suburban quiet.
Sarai’s residential units, which include apartments, S-Villas, and townhouses, are designed to attract purchasers looking for exquisite living in lush settings.
The position is well located, only 10 minutes from the American University in Cairo, 15 minutes from the Ring Road, and 5 minutes from the New Administrative Capital.
At the signing ceremony, prominent executives Tarek El Gamal, chairman of Redcon Spain Construction, and Abdallah Sallam, president and CEO of Madinet Masr, emphasized the significance of the relationship.
“Redcon’s vision aligns perfectly with our goal of sustainable development through high-quality projects that build customer trust and loyalty,” Sallam said the crowd. He also mentioned how the company’s solid financial performance has allowed it to grow and diversify its ties with industry leaders.
The cooperation will largely focus on finishing Sarai’s Z Villas project, a collection of premium residential units according to worldwide standards.
Construction is scheduled to be completed in 2025, guaranteeing that future residents enjoy a refined and comfortable lifestyle.
Madinet Masr was founded in 1959 as a public real estate corporation and has since evolved to become a key player in Egypt’s property industry.
Originally focused on constructing 40 million square meters in Nasr City, Greater Cairo’s largest neighborhood, the corporation currently operates in several urban hotspots across Egypt.
Abdallah Sallam, who also created MINKA Development and owns a 5% stake in Madinet Masr, has guided the company toward building integrated, sustainable communities.
The Sarai relationship with Redcon Spain Construction strengthens Madinet Masr’s portfolio and represents the company’s continued strategy of exceeding market expectations while promoting sustainable urban development.