Arab Finance: Misr El-Gedida for Housing and Development completed the designs for an integrated entertainment, commercial, and hospitality destination in New Heliopolis City, Sameh El-Sayed, the group’s Managing Director and CEO, announced.
Spanning an area of 75 feddans, the development is designed to serve as a comprehensive destination for the city’s residents and visitors, with an estimated investment cost of EGP 5 billion.
It will feature an amusement park, a restaurants and cafés district, exhibition halls and administrative offices, an open-air events venue, a hotel and various dining facilities, a banking and financial services zone, a mosque, a shopping mall and retail outlets, a hypermarket, in addition to landscaped green areas, water features, and parking facilities.
Misr El-Gedida for Housing is close to reaching an agreement with a real estate development company to develop a 25-feddan land plot located on the Suez Road, adjacent to its existing partnership project with G Development.
El-Sayed expected that the contractual procedures would be finalized during the coming period.
He also unveiled the company’s plans to launch its project in Mansoura City, covering approximately 52,000 square meters, within the next two weeks.
The final project designs have been finished in cooperation with Rawasy Company, paving the way for the commencement of implementation and marketing activities. He noted that the partnership agreement includes a guaranteed minimum revenue of nearly EGP 3.157 billion for Misr El-Gedida Housing and Development Company.
The CEO stated that total revenues generated from partnership projects since the beginning of 2026 through 30 May 2026 hit around EGP 640 million. Meanwhile, cumulative revenues generated from partnership projects since the adoption of the land development partnership model in New Heliopolis have reached approximately EGP 4.5 billion.
Total expected revenues from partnership projects alone by the end of 2026 are estimated at EGP 3.07 billion, excluding revenues from direct sales and self-development activities.
In the first quarter (Q1) of 2026, the EGX-listed group posted 47.57% year-on-year (YoY) lower net profits at EGP 250.639 million, compared to EGP 478.056 million.
