Madinet Masr Housing and Development extended its memorandum of understanding (MoU), which was signed in 2022 with El Hazek Construction at a value of EGP 1.5 billion, to reach EGP 1.70 billion.
The listed firm plans to establish the final phase of the Shalya project and its new headquarters (HQ) in Taj City, according to a press release.
The deal aligns with Madinet Masr’s expansion strategy to boost its position in the real estate sector.
With an investment cost of nearly EGP 607 million, the final phase of the Shalya project is built on a total area of 3 acres and a construction area of 63,000 square metres.
Phase 1 had an investment cost of EGP 700 million and is expected to be delivered by early 2024.
Shalya’s final phase is scheduled to be delivered within 15 months, while the HQ is scheduled to be delivered within 17 months.
Abdallah Sallam, President and CEO of Madinet Masr, said: “This new milestone comes in line with our strategic leadership vision in the market through providing an innovative and motivating environment for creativity as the new location allows the company to expand its scope of work and deliver its services in a more efficient and effective manner.”
In the first nine months (9M) of 2023, the EGX-listed firm logged consolidated net profits after tax and non-controlling interest valued at EGP 1.35 billion, an annual leap of 153.12% from EGP 534.20 million.