Table of Contents
Key Points
- Madinet Masr, Korra Energy ink $9.5 million deal to advance Taj City, boosting sustainable real estate in Egypt.
- the Partnership aims to build cutting-edge showroom in Tajed by 2025, setting new standards in urban living.
- Madinet Masr reports 88.9% profit surge in 2024, fueled by strategic investments and growing contracted sales.
Madinet Masr, a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, has entered into a memorandum of understanding (MoU) with Korra Energy and Investment Projects to accelerate the development of Taj City, with a combined investment surpassing EGP480 million ($9.5 million).
As part of the agreement, Korra Energy will lead the construction of a showroom in Tajed, a key component of Taj City’s broader mixed-use development. The project is set to be completed by 2025, according to a press release.
Strengthening market leadership
Abdallah Sallam, President and CEO of Madinet Masr, emphasized the strategic importance of this collaboration. “These partnerships empower us to deliver cutting-edge, sustainable real estate projects that meet the ever-evolving needs of our clients while reinforcing our leadership in Egypt's real estate market,” Sallam said.
Ayman Korra, President and CEO of Korra for Energy and Investment Projects, echoed these sentiments, highlighting the shared vision for sustainability. “Together, we aim to build a sustainable future by leveraging global building technologies and adhering to the highest international standards,” he noted.
Heba Korra, Vice President of Korra, added: “Taj City is poised to redefine Egypt’s real estate landscape, combining quality, innovative design, and an unparalleled residential experience that meets customer demands while elevating the market's standards.”
Madinet Masr: A growth story
Founded in 1959, Madinet Masr has risen to prominence under Sallam’s leadership. With a 5 percent stake in the company, Sallam also founded MINKA Development, which is a significant part of Madinet Masr’s portfolio.
The company’s growth has been fueled by strategic initiatives and financial successes. In December 2024, Madinet Masr secured a $177 million syndicated loan from Commercial International Bank (CIB) to push forward its flagship Taj City and Sarai developments.
That same month, the developer teamed up with ASEC Automation for the second phase of infrastructure and road networks for the Sarai project in New Cairo, with investments exceeding EGP580 million ($11.5 million).
Pioneering a new era in real estate
Madinet Masr’s performance underscores its solid position in the market. For the nine months ending Sept. 30, 2024, the company reported an 88.9 percent rise in net profit to EGP2.6 billion ($51.7 million), while revenue increased 62.9 percent, driven by a twofold surge in contracted sales. This growth reflects the company’s resilience in Egypt’s competitive real estate sector.
With Taj City at the forefront, Madinet Masr is establishing itself as a leader in Egypt’s property market, blending sustainable design with cutting-edge construction practices. The partnership with Korra Energy solidifies its commitment to redefining urban living in Egypt and beyond.
