Arab Finance: Real estate developer Madinet Masr For Housing and Development (MASR) has signed a memorandum of understanding (MoU) with Al Shorouk Construction Company, a subsidiary of DAR Group, to execute residential building works within the Elan neighborhood at its Sarai development in East Cairo, as per a disclosure.

The agreement is part of Madinet Masr’s strategy to accelerate construction activity and execution rates across its flagship developments in East Cairo, supporting the company’s expansion plans and enhancing delivery efficiency.

Under the MoU, Al Shorouk Construction will undertake the construction of 81 residential buildings within Elan at Sarai, with a total estimated value of EGP 4.8 billion.

Construction works under the agreement are scheduled to be completed by the end of 2027.

Last month, Madinet Masr inked an MoU with Elswedy Electric (SWDY) and its subsidiary Elswedy Electric Infrastructure to carry out advanced infrastructure works at the Elan project.

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