Cairo: Madinet Masr (code MASR.CA), one of Egypt's leading real estate developers, signed a Memorandum of Understanding (MoU) with Smart Construction and Development (SCAD), a specialized integrated contracting firm. The agreement focuses on developing construction works for Sarai multi-purpose project in New Cairo with a contractual value of EGP 650 million. This collaboration aligns with Madinet Masr's ambitious vision to create sustainable urban communities that meet its customers’ aspirations. Under this partnership, Madinet Masr aims to accelerate the pace of its projects while maintaining the highest quality standards and adhering to the specified timetable.

The agreement was signed in the presence of Eng. Abdallah Sallam, President and CEO of Madinet Masr, Mr. Mahmoud Mohamed Abdel Gawad El Awady, Chairman of the Board of Directors of SCAD, and senior executives from both companies. Under this strategic partnership, SCAD will carry out the construction of residential buildings, landscape, fences, and surface drainage for several buildings in project Croons within Sarai. The project, which spans on a land area of 26,000 sqm, is expected to be completed within one year of the contract date.

Commenting on the partnership, Eng. Abdallah Sallam, President and CEO of Madinet Masr, said: "We are committed to providing the best services to our clients, and are pleased to collaborate with reliable and experienced partners like SCAD, who have a proven track record of success and share our ambitious vision for developing our flagship project, Sarai." Salam added: "At Madinet Masr, we believe in adding value to Egypt’s real estate market through our projects and meet our clients' aspirations by creating integrated modern communities. These communities not only boost the national economy but also blend sophistication, luxury, and sustainability."

For his part, Dr. Mahmoud El Awady, CEO of SCAD, expressed his great pleasure in this strategic partnership with a leading developer like Madinet Masr, emphasizing the importance of this collaboration in advancing urban development in Egypt through the combined expertise of both companies. El Awady praised Sarai project for its distinguished designs, which set a benchmark in the real estate sector saying: "We are excited to be part in this project by utilizing the latest engineering technologies and innovative sustainability standards. Our goal is to ensure that the project is executed to the highest standards of quality and efficiency, providing customers with a unique living experience that meets all their needs and aspirations."

Sarai's design is based on an unparalleled concept, tailoring the living experience to the unique needs and preferences of residents. The project combines vibrant modern lifestyles with the tranquility characteristic of suburbs, offering a variety of spaces and units including residential apartments, S-Villas, townhouses, and others amidst vast green spaces. Spanning over 5.5 million sqm, Sarai is strategically located along the Cairo-Suez Road and Al-Amal axis. It is worth mentioning that the S-Villa is a new and innovative concept introduced to the Egyptian real estate market by Madinet Masr. The project boasts a prime location just 10 minutes from the American University in Cairo, a 15-minute to the Ring Road, and a mere 5-minute distance from the New Administrative Capital, ensuring convenient accessibility.

About Madinet Masr

Madinet Masr, one of Egypt’s leading urban community developers was established since 1959. Headquartered in Cairo and listed on the Egyptian Exchange in 1996 (EGX), Madinet Masr operates under a robust corporate governance structure and is committed to delivering exceptional value to all its stakeholders. Rebranding from Madinet Nasr to Madinet Masr in 2023, the company has become one of the most innovative real estate brands in Egypt, capitalizing on a long and successful track record of delivering distinguished and multi-functional developments that drives 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 areas of land into contemporary, integrated communities. Today, Madinet Masr has two well-known mega developments which are Taj City and Sarai in East Cairo. Taj City, a 3.6 million sqm mixed use development positioned as a premier destination, and Sarai a 5.5 million sqm mixed use development strategically located in front of Egypt’s New Administrative Capital. Madinet Masr has launched Zahw in 2023, its first expansion project outside of Cairo Governorate. Zahw is a 104-acre mixed use development strategically positioned in west of Assiut Governorate beside Assiut’s airport and 15-minute away from its center. Zahw compliments the contemporary real estate products in Upper Egypt.

About SCAD for Construction and Development

Smart Construction and Development Company (SCAD) is one of the companies of the Smart Group, which consists of several companies with diverse activities. It has expertise in many fields, including Contracting, Mining, Technology, Education, Sports Services, and Manufacturing. It provides its local and international partners with integrated, distinguished, and high-quality solutions, due to its human capital and the volume of investments in fixed assets, the value of which exceeds 500 million EGP, which includes (equipment, cars, metal scaffolding, etc.). Quality, safety, and occupational health standards are the company's most important goals, and they are applied in all its ongoing projects. The group has been operating in the Kingdom of Saudi Arabia for more than 25 years and has been operating in the local market since 2018 in all sectors.

Finally, Punctuality, Quality, Safety, and Operational Excellence are Its reconnaissance Tools in Offering Its Customers Value add integrated Construction & Development Services, Domestically & Regionally, Excelling & Earning our Stature in the Top 10 League in 4-5 Years.