(MENAFN- Daily News Egypt) Egypt's Real estate developer Madinet Masr signed a Memorandum of Understanding (MoU) with ASEC Automation, a subsidiary of Qalaa Holdings to construct the second phase of infrastructure and road networks for Sarai in New Cairo, spanned over 4.2 million sqm, with investments exceeding EGP 580m.
This step aligns with Madinet Masr's strategy to expand its land portfolio, along with its commitment to providing high-quality infrastructure, meeting customers' aspirations while adhering to sustainability standards that resonate with Egypt's vision for sustainable urban development.
This strategic partnership underscores Madinet Masr's commitment to its expansion strategy, supported by a robust land portfolio exceeding 12 million sqm.
It also demonstrates the company's commitment to delivering exceptional services through partnering with top-tier engineering firms, as well as featuring advanced infrastructure solutions. The second phase of the Sarai project supports 14 residential neighbourhoods and is set to be delivered during 2026.
Commenting on this partnership, Abdallah Sallam, President and CEO of Madinet Masr stated:“This commitment aligns with the state's objectives for comprehensive urban development and Egypt's Vision 2030. Our focus is to deliver exceptional services to our customers by leveraging cutting-edge technological solutions and fostering a culture of continuous innovation. Through this effort, we aim to stay ahead of the remarkable growth in Egypt's real estate market, ensuring our ability to exceed the ever-evolving expectations of our customers.”
From his side, Mohamed Abdel Razek, CEO and Managing Director of ASEC Automation, a subsidiary of Qalaa Holdings, stated:“We are proud to cooperate with Madinet Masr as one of the leading real estate developers in Egypt to contribute to the development of Sarai project. Leveraging our expertise in automation and electrical engineering, we are committed to delivering high-quality infrastructure solutions with precision and efficiency, aligning seamlessly with Madinet Masr's vision of creating exceptional living experiences that cater to client's evolving needs.”
He emphasized:“The scale of these investments underscores the strength and quality of Madinet Masr's projects, which not only elevate industry standards but also align with Egypt's national goals of fostering job creation for youth and driving sustainable economic growth.” Bottom of Form
Mohamed Lasheen, Vice President Product at Madinet Masr said:“Our partnership with ASEC Automation, is an extension of Madinet Masr's track record of success in partnering with trusted entities capable of realizing our strategy. We are confident that this cooperation will ensure the delivery of Sarai's infrastructure, meeting the top-notch standards.”
Sarai is a multi-purpose project which spans over 5.5 million sqm and is located along the Cairo-Suez Road and Al-Amal axis. The project boasts a prime location merely 10 minutes from the American University in Cairo, a 15-minute reach to the Ring Road, and a mere 5 minutes from the New Administrative Capital, which guarantees convenient accessibility. The design of the Sarai project represents an unparalleled concept, tailoring the living experience to the unique needs and preferences of residents.
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