Madinet Masr Signs EGP 1.45 Billion MoU with Forward Contractors for
Khadamaty-New
Madinet Masr (EGX: MASR.CA) has signed a Memorandum of Understanding (MoU) with Forward Contractors to execute construction works valued at EGP 1.45 billion within Sarai, the company’s flagship mixed-use development in East Cairo. The agreement supports Madinet Masr’s strategy to accelerate project delivery, optimize its land portfolio, and expand high-quality residential offerings in Egypt’s real estate market.
Under the MoU, Forward Contractors will be responsible for the construction of 95 residential villas within the “Rai” phase of Sarai, with project completion targeted for the end of 2027. The partnership aligns with Madinet Masr’s commitment to adopting sustainable urban development standards while ensuring timely execution and engineering excellence.
The agreement was signed by Eng. Abdallah Sallam, President and CEO of Madinet Masr, and Eng. Mohamed El-Gendy, Chairman and CEO of Forward Contractors, in the presence of senior executives from both companies.
Commenting on the signing, Eng. Abdallah Sallam stated that the partnership represents a key step in accelerating construction across Madinet Masr’s projects through collaboration with experienced contractors. He emphasized that the company continues to develop integrated and diversified real estate projects that meet evolving customer needs while supporting sustainable growth in Egypt’s property sector.
For his part, Eng. Mohamed El-Gendy expressed confidence that Forward Contractors’ experience in delivering high-end residential developments will ensure exceptional build quality and strict adherence to timelines. He added that the collaboration reflects a shared commitment to innovation, engineering excellence, and long-term value creation.
Sarai is one of Madinet Masr’s largest and most prominent developments, spanning more than 5.5 million square meters along the Cairo–Suez Road and Al-Amal Axis. Strategically located just five minutes from the New Administrative Capital and 15 minutes from the Ring Road, the project offers a wide range of residential options, including apartments, S-Villas, and townhouses, blending modern urban living with suburban tranquility.
