Madinet Masr (EGX code: MASR.CA), one of Egypt’s leading urban community developers, has signed a Memorandum of Understanding (MoU) with El Hazek Construction to develop infrastructure and build residential villas in the “Elect” project at Taj City. The agreement, with an investment exceeding EGP 900 million, underscores Madinet Masr’s commitment to accelerating construction progress while adhering to sustainability principles. This initiative aligns with Egypt Vision 2030 and the government’s comprehensive urban development strategy.
Project Scope and Timeline
The collaboration between Madinet Masr and El Hazek Construction will involve:
- Construction of 134 villas within the Elect project.
- Developing advanced infrastructure across a built-up area of 60,000 square meters on a plot of 129,000 square meters.
- Completion timeline: 16 months.
Taj City, located in New Cairo on the Ring Road near Cairo International Airport, spans an area of 3.5 million square meters with a total sales volume estimated at EGP 30 billion. The project integrates modern residential complexes with lush green landscapes, world-class facilities, and innovative lifestyle offerings.
Leadership Insights
- Eng. Abdallah Sallam, President and CEO of Madinet Masr:
“Strategic partnerships like this one with El Hazek Construction are essential for delivering projects with advanced infrastructure and exceptional value. This MoU is a testament to our dedication to creating sustainable urban communities that meet the needs of our customers and align with Egypt Vision 2030.” - Eng. Mahmoud Yehia El Hazek, CEO of El Hazek Construction:
“We are proud to join forces with Madinet Masr to contribute to Taj City’s development. This partnership represents a shared vision of creating exceptional urban communities that prioritize customer satisfaction and sustainability. We are committed to delivering this project to the highest standards of quality and efficiency.” - Mohamed Lashin, Senior Vice President of Projects, Madinet Masr:
“This cooperation is a cornerstone in the development of Taj City. At Madinet Masr, we prioritize quality, sustainability, and timely delivery. Partnering with leaders like El Hazek Construction ensures that we provide top-tier real estate products that elevate the Egyptian market.”
Strategic Benefits of Taj City Development
- Prime Location:
- Minutes from Cairo International Airport, East Cairo, Downtown, and Heliopolis.
- Integrated Design:
- Combines residential complexes with green landscapes, premium facilities, and modern shopping concepts.
- Economic Contribution:
- Supports Egypt’s urban development goals and Vision 2030 by driving sustainable growth in the real estate sector.
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