This ceremony represents a unique opportunity for Madinet Masr to embark on more future partnerships in 2024
Madinet Masr (stock code MASR.CA), one of Egypts leading urban community developers, organized a ceremony to celebrate the fruitful and strategic partnerships with its success partners, encompassing all third-party suppliers, with a total monetary value of EGP 7 billion achieved throughout 2023 divided into; EGP 5.3 billion for construction, EGP 1.35 billion for infrastructure, EGP 250 million for landscape, and EGP 100 million for consultancy services. The ceremony is a token of appreciation for the joint efforts and positive contributions of all companies in realizing Madinet Masrs ambitious expansion plan, that aims to meet the diverse needs of its customers in accordance with the highest quality and sustainability standards.
The ceremony was attended by 73 companies of Madinet Masr success partners in the field of contracting, engineering, telecommunications, construction, suppliers and facilities including: the Arab Organization for Industrialization, Telecom Egypt, El Hazek, ASEC, Sadek Elsewedy, Medcom, Madkour, cemex, Giza Cable Industries, and more
The ceremony offers an opportunity to acknowledge the partners who contributed to the success of Madinet Masr throughout 2023. This recognition is a result of their dedication to delivering services in alignment with the highest standards of efficiency and quality across the company's diverse projects. For its part, Madinet Masr aims to offer a comprehensive experience to its customers, fulfilling their needs through collaborations with prominent leaders in the industry. This approach aligns with the company's strategic vision, which aims to establish an innovative and dynamic environment in compliance with sustainability standards. Additionally, the company strives to make a positive impact on society and contribute to the development of the real estate sector in Egypt
Commenting on this event, Eng. Abdallah Sallam, President and CEO of Madinet Masr said, “We are very proud with the joint success with our partners as we’re always keen to establish partnerships with prominent suppliers that share aligned strategic objectives that invovle the latest technological solutions in line with the evolving real estate landscape in Egypt. The aim is to meet our customer expectations and positively contribute to the state's objectives for urban and sustainable development, thereby propelling economic growth. This gathering is an excellent opportunity to recognize our success partners in 2023 as we look forward to more fruitful partnerships in 2024 in line with our expansion vision for the future decades”
It is noteworthy that among the notable partnerships throughout 2023 was the extention of the MoU with El Hazek Construction dedicated to constructing the final phase of “Shalya project in Taj City along with the companys new HQ with a total of EGP1.7 billion. This comes along the MoU signed with ASEC Automation (ASA), a subsidiary of Qalaa Holding, to execute the construction of 13 buildings in Lake Park project in Taj City, amounting to EGP100 million, among other collaborations
Madinet Masr aims to develop its land portfolio, exceeding 9 million square meters, through establishing new residential units and projects adhering to the highest standards of efficiency and quality, stemming from the company's 64 years legacy in the real estate market
About Madinet Masr
Established in 1959, Madinet Masr has grown into a premier real estate developer and has become one of the countrys most recognizable real estate brands. Madinet Masr was listed on the Egyptian Exchange in 1996, capitalizing on a long and successful track record of delivering world-class housing and infrastructure projects to broaden its exposure to various target segments of the Egyptian real estate market. Anchored in the Greater Cairo Area and with a growing presence in other regions of Egypt, the Company holds a land bank of over nine million square meters (sqm). Madinet Masr had 21 active projects across two main developments at the close of Q3 2023: Taj City, a 3.6 million sqm mixed use development positioned as a premier cultural destination, and Sarai a 5.5 million sqm mixed use development strategically located near Egypts New Administrative Capital between Cairo and Suez. Madinet Masr has launched Zahw, its first expansion project outside of Cairo Governorate. Zahw is a 104-acre mixed use development strategically positioned in west of Assiut Governorate beside Assiuts airport and 15-minute away from its center. Zahw compliments the contemporary real estate products in Upper Egypt
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