Egyptian real estate developer Madinet Masr has entered a Memorandum of Understanding (MoU) with Smart Construction and Development (SCAD) for the Sarai multi-purpose project in New Cairo.
The MoU was signed by Madinet Masr president and CEO Abdallah Sallam and SCAD board of directors chairman Mahmoud Mohamed Abdel Gawad El Awady.
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The partnership, valued at E£650m ($13.35m), is aimed at accelerating the development of construction works at the project.
Abdallah Sallam 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.”
The collaboration is part of Madinet Masr’s strategy to establish sustainable urban communities that cater to the needs of its customers.
With this partnership, the company is looking to expedite its project timelines and ensure adherence to the planned schedule.
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By GlobalDataSarai will offer residential apartments, S-Villas, and townhouses, all set amidst green spaces.
SCAD’s role in the partnership involves the construction of residential buildings, landscaping, perimeter fencing, and surface drainage systems for various structures in the Croons section of Sarai.
The project area, covering 26,000m², is expected for completion within a year from the contract’s commencement.
Mahmoud Mohamed Abdel Gawad El Awady said: “We are excited to be part in this project by utilising 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.”
Located along the Cairo-Suez Road and Al-Amal axis, the development is near American University in Cairo and the New Administrative Capital.
In July 2024, Madinet Masr disclosed a co-development initiative in New Heliopolis City, in partnership with Misr Al-Gadida for Housing and Development.
