Arab Finance: Madinet Masr and Zahraa Maadi Investment and Development terminated a joint development agreement covering two land plots owned by the latter in New Heliopolis City, East of Cairo, according to a bourse disclosure.
The terminated contract, originally signed on October 23, 2024, covered the development of an area spanning approximately 41.91 feddans.
The project was expected to generate total revenues of EGP 11.4 billion, with Madinet Misr holding a 64% stake and Zahraa Maadi 36%.
Meanwhile, the two real estate developers affirmed that they continue to explore opportunities for future cooperation in land development.
