The newly bought electric cars enhance the company’s operational efficiency and significantly contributes to reducing the carbon footprint, supporting Madinet Masr’s vision towards embedding sustainable elements in its urban communities

Cairo – Madinet Masr (EGX code: MASR.CA), one of Egypt’s leading real estate developers, announces the signing of a memorandum of understanding (MoU) with Ezz Elarab Automotive Group, the official distributor of Volvo cars in Egypt, to incorporate a group of fully electric cars to Madinet Masr’s operations, aligning with the company’s vision and strategy towards building urban communities for tomorrow.

The MoU outlines the integration of 12 fully electric Volvo C40 Recharge and EX30 cars into Madinet Masr's operations at its new headquarters in Taj City. These cars will also serve as eco-friendly transportation for clients and investors while touring the company’s urban communities. Featuring state-of-the-art technology and sustainable materials, these cars boast a low carbon footprint, significantly reduce CO₂ emissions. They come equipped with next-generation powertrains for extended driving ranges on a single charge, fast-charging capabilities, and smart features that enhance battery efficiency and provide charging reminders. This step underscores Madinet Masr’s commitment to providing eco-friendly mobility solutions as part of its broader sustainability strategy and its transition toward a greener and more sustainable future.

Commenting on the MoU’s signing, Eng. Abdallah Sallam, President and CEO of Madinet Masr, stated: “At Madinet Masr, sustainability is not just a goal but the cornerstone of our strategy and vision to build integrated communities that meet future needs and create a better tomorrow. Our partnership with Volvo Group reinforces our commitment to transitioning toward a greener future by introducing innovative solutions that enhance community well-being and reduce carbon emissions. This MoU marks a key step in transforming our operations into a model of sustainability and innovation, particularly in the real estate sector.

Eng. Ayman Ghanem, Managing Director, Alpha Ezz Elarab, expressed his delight at signing the MoU, stating: “Our collaboration with Madinet Masr reflects the shared values and forward-thinking in sustainability. We are proud that they have chosen Volvo Cars as their partner, a brand synonymous with safety and innovation in electric mobility.”

Noha El Meligy, General Manager of Volvo Group, added: “We are excited to partner with Madinet Masr and look forward to building a long-term relationship grounded in our shared vision and mutual commitment to delivering the best to our customers. This partnership marks the beginning of a new era of collaboration and future opportunities.” 

The strategic partnership between Madinet Masr and Ezz Elarab Automotive Group, the official distributor of Volvo cars in Egypt, signifies a pivotal step toward their shared vision of sustainability and a greener future. It also reaffirms Madinet Masr’s commitment to building a more sustainable future, in line with Egypt Vision 2030 and the United Nations’ Sustainable Development Goals (SDGs).

About Madinet Masr

Madinet Masr, one of Egypt’s leading urban community developers, was established in 1959. Headquartered in Cairo and listed on the Egyptian Exchange in 1996 (EGX), Madinet Masr operates under a robust corporate governance structure. It is committed to delivering exceptional value to all its stakeholders. Rebranded from Madinet Nasr to Madinet Masr in 2023, the company has become one of the most innovative real estate companies in Egypt, capitalizing on a long and successful track record of delivering distinguished and multi-functional developments that drive growth in Egypt by developing sustainable communities.

Madinet Masr has become a prominent community developer and urban planner in Egypt after developing Nasr City, the largest neighborhood in Greater Cairo with a population of over three million people. Since then, it has actively taken on large-scale projects to transform sizeable land areas into contemporary, integrated communities.

Today, Madinet Masr owns a land portfolio of 12.6 million sqm, with two renowned mega-developments, Taj City and Sarai, in East Cairo. Taj City is a 3.6 million sqm mixed-use development positioned as a premier cultural destination, and Sarai is a 5.5 million sqm mixed-use development strategically located in front of Egypt’s New Administrative Capital. Madinet Masr launched Zahw in 2023, its first expansion project outside Cairo Governorate. Zahw is a 104-acre mixed-use development strategically positioned west of Assiut Governorate beside Assiut’s airport and 15 minutes from its center. Zahw compliments the contemporary real estate products in Upper Egypt.

Some of the key strategic partnerships signed include the development of a project in New Heliopolis City, covering an area of 491 acres, and the development of an integrated residential urban project in the fourth phase in Mostakbal City, covering an area of 238 acres (approximately 1 million square meters). In addition, Madinet Masr signed a contract to develop 42 acres in New Heliopolis City, in partnership with Zahraa Maadi Investment and Development (ZMID).