Madinet Masr, Group Construction sign development agreement for Sarai project

Updated 12/1/2025 9:34:00 AM

Arab Finance: Madinet Masr signed a memorandum of understanding (MoU) with Group Construction, a company specialized in integrated construction services, to do construction works within the Sarai project, according to a press release.

The partnership aligns with the EGX-listed group’s expansion strategy aimed at accelerating the execution of its projects while adhering to the highest standards of quality and engineering excellence.

Abdallah Sallam, President and CEO of Madinet Masr, signed the MoU with Sayed Elkattan of Group Construction, in the presence of senior executives from both companies.

Under the deal, Group Construction will be responsible for the development of 80 residential buildings in the Rai Views project within Sarai, with total investments amounting to approximately EGP 1.2 billion.

Meanwhile, the works are scheduled to be completed by the end of 2027.

Sallam commented on the agreement: “Our collaboration with Group Construction embodies our commitment to working with partners who share our values, ambitions, and pursuit of excellence, applying the latest standards of innovation and world-class quality across every phase of development.”

“We remain steadfast in our ambition to develop our robust land portfolio and build fully integrated, sustainable urban communities founded on advanced infrastructure, in alignment with Egypt’s national vision for comprehensive urban development,” the CEO added.

For his part, Elkattan said: “Leveraging our extensive experience in construction and Madinet Masr’s ambitious vision, we are confident that this partnership will result in a landmark development that creates lasting value for Egypt’s real estate market.”

In November, Madinet Masr and Waheej Real Estate launched Citydom, a jointly owned real estate entity aimed at supporting the development of contemporary housing options in Saudi Arabia.