Madinet Masr has signed a memorandum of understanding (MoU) with the construction and energy company firm Korra Energi to accelerate construction at Taj City, its flagship mixed-use project in New Cairo.

Madinet Masr is planning to invest around EGP 3 billion in 2023, the firm’s CEO and Managing Director Abdallah Sallam said.

The issuance is divided into three tranches, the first tranche with a value of EGP 241.65 million with a tenor of 13 months, and a credit rating of (AA+) from Middle East Ratings and Investors Service (MERIS).

Established in 1959, Madinet Nasr for Housing and Development (MNHD) is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.

Under the signed MoU, the construction works of the two projects, namely The Arena Mall and Cavana, will be carried out at a value of more than EGP 500 million. The MoU was signed by Abdallah Sallam, President and CEO of MNHD, and Alaa Abdelaziz, President and CEO of CONSTEC.