M squared awards EGP 1B construction deal to REDCON

Updated 3/17/2026 11:41:00 AM

Arab Finance: Leading Egyptian real estate company M squared has awarded REDCON Construction an EGP 1 billion contract for the construction and finishing of 59 residential buildings at Masyaf Ras Alhekma, according to a press release.

The project's Phase One has been concluded, with the developer extending on-site execution at its North Coast project.

With a total of 376 keys, the contract covers seven lagoon townhouses, seven lagoon twin house buildings, and 45 lagoon chalet buildings.

To be implemented over 18 months, it marks the first collaboration between Intro Investment Holdings’ real estate arm, M squared, and REDCON Construction, Masyaf’s main construction partner.

By September 2025, approximately 65% of the delivered units that year had been handed over at Masyaf six to 12 months ahead of schedule.

The development scheme also includes hospitality, retail, wellness, and food and beverage components that support day-one use.

Karim Malash, Chairman and CEO of M squared, commented: “To us, this contract is just the beginning of a long-standing partnership. What matters most is working with partners who approach construction with the same level of discipline and long-term thinking that we apply to development.”

The contract is tied to one of the product categories that has featured prominently in Masyaf Ras Alhekma’s market positioning. Lagoon chalets are part of the project’s premium residential mix, alongside other products such as Seaview Staggered Chalets and Lagoon Water Villas.

The new agreement now turns part of that lagoon residential offering into a defined construction package with a set value, scope, and timeline.

Omar El Gamal, CEO and Managing Director of REDCON Construction, said: “Working with M squared allows us to engage early and coordinate closely across engineering, construction, and finishing to ensure that the developer’s vision is translated accurately on site.”