Table of Contents
Madinet Masr Housing and Development, the Egyptian real estate firm led by Abdallah Sallam, has signed a memorandum of understanding with Forward Contractors to execute construction works valued at EGP1.45 billion ($30.4 million) at Sarai, its mixed-use project in East Cairo.
The agreement covers the construction of 95 residential villas in the Rai phase of Sarai. Work is expected to be completed by the end of 2027, according to the companies.
Madinet Masr accelerates sustainable project execution
Madinet Masr said the deal is part of its efforts to speed up project delivery while maintaining modern building and sustainability standards. The developer has been leaning more on established contractors as it pushes several projects forward at the same time.
Sallam, who serves as president and chief executive officer, said the partnership would help accelerate construction across the company’s portfolio. “We are focused on developing our land bank through integrated projects that respond to real demand,” Sallam said. “Working with experienced contractors supports timely delivery and consistent quality.”
Large-scale Sarai mixed-use project
Forward Contractors will oversee execution of the villas, drawing on its experience in high-end residential developments, the company said.
Chairperson and CEO Mohamed El-Gendy said Forward’s track record positions it to deliver the project on schedule. “Our teams are focused on quality control and meeting agreed timelines, which is essential for a development of this scale,” he said.
Sarai is one of Madinet Masr’s largest projects in East Cairo. The development spans more than 5.5 million square meters and sits along the Cairo–Suez Road near the Al-Amal axis. It includes apartments. townhouses, S-Villas and other residential formats designed to serve a range of buyers. The project is planned as a mixed-use community that blends housing with commercial and leisure spaces.
Madinet Masr expands Gulf, Saudi fund
Founded in 1959, Madinet Masr is one of Egypt’s long-established property developers. The company has delivered more than 20,000 housing units over the decades, with a focus on large-scale residential communities.
Under Sallam, Madinet Masr reported EGP 36.3 billion ($763.5 million) in new sales, and EGP 2.4 billion ($50.5 million) in net profit for the first nine months of 2025 slightly down from last year due to margin normalization.
The company delivered over 1,000 units and announced expansion plans into regional markets including Dubai and Saudi Arabia. The developer also launched a new Sarai phase, with an investment of EGP 11 billion ($231.3 million), reflecting its ongoing strategy to diversify offerings and grow its footprint in Egypt’s property market.
