Arab Finance: Emaar Misr for Development has announced that Mostafa Mounir El Kady’s employment contract in his capacity as CEO has been terminated, according to a disclosure.

During his 20-year tenure at Emaar Misr, El Kady played a vital role in managing and developing some of the largest real estate projects in the Egyptian market.

Commenting on his departure, he expressed gratitude to Mohamed Alabbar, founder of Emaar Properties, for giving him the opportunity to work at the company, where he gained leadership experience.

Having led Emaar Misr since 2019, El Kady has contributed to expanding the company's land portfolio from three projects to nine, including the launch of Marassi on the Red Sea.

He has also participated in managing major development projects, including Mivida in New Cairo and Marassi on the North Coast, in addition to the company's projects in Sheikh Zayed.  

Under his leadership, Emaar Misr focused on accelerating construction and delivery rates, as well as boosting revenue from the commercial and hospitality sectors.

The company scaled its hotel portfolio to 11 hotels and launched the Marassi Marina, while addressing market challenges related to rising construction costs and economic changes.

Meanwhile, the real estate developer is expected to announce its new CEO and its plan for the next phase in the coming period.

The company rolled out plans for an integrated tourism project in the Red Sea, with expected investments of EGP 900 billion.

In 2025, the consolidated net profits attributable to the parent company of Emaar Misr shrank by 46% year on year (YoY) to EGP 5.544 billion from EGP 15.404 billion.