Key Factors
- Madinet Masr, led by tycoon Abdallah Sallam, negotiating three prime land plots in Riyadh for Saudi Arabia enlargement.
- Cairo-based developer targets supply of as much as 2,000 housing items in 2024, with $620 million building contracts deliberate for 2025.
- Madinet Masr expands Gulf actual property footprint via Cities of the World, with first Saudi funding alternative to be introduced quickly.
Madinet Masr Housing and Growth (MNHD), one in all Egypt’s prime actual property gamers, led by Egyptian tycoon Abdallah Sallam, is negotiating the acquisition of three prime land plots in Riyadh as a part of its Saudi Arabia enlargement push. The plots vary between 300,000 and 500,000 sq. meters, Sallam stated throughout an organization roundtable on Sunday.
The transfer marks Madinet Masr’s first entry into the Kingdom and might be executed via its worldwide arm, Cities of the World, with Wahij Actual Property because the native companion. Sallam famous that the corporate will announce its first Saudi funding alternative quickly, underscoring the developer’s ambitions to faucet into the Gulf’s booming actual property market.
Home deliveries and $620 million building pipeline
On the house entrance, Madinet Masr is focusing on supply of 1,500 to 2,000 housing items this 12 months, with about 500 items already accomplished within the first half. The Cairo-based developer additionally plans to award EGP30 billion ($620 million) in building contracts in 2025, a major scale-up from the EGP2.9 billion ($60 million) already allotted.
To gasoline progress, the corporate will channel EGP13 billion ($269 million) into challenge building this 12 months. It has additionally secured a EGP9 billion ($186 million) revolving securitisation facility, of which EGP 1.5–2 billion has been drawn down.
Madinet Masr’s increasing footprint in Egypt and past
Based in 1959, Madinet Masr has turn into one in all Egypt’s main actual property builders, with a landbank of greater than 9.5 million sq. meters and over 20,000 housing items bought. The developer has a popularity for large-scale city planning, catering to Cairo’s fast-growing inhabitants and the nation’s rising housing demand.
Beneath Sallam’s management, Madinet Masr has accelerated enlargement via new ventures akin to MINKA Growth, which focuses on progressive housing options. The corporate additionally launched the $1.8 billion Talala project in New Heliopolis, designed to satisfy Egypt’s city housing surge.
Internationally, Madinet Masr has widened its attain with Dubai-based Cities of the World, positioning itself to seize demand throughout the Gulf actual property market. The deliberate Saudi entry is seen as a milestone in remodeling the corporate right into a regional developer.
