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Key Points
- Madinet Masr's 2024 contract sales hit $910.98 million, marking a 31.9% year-over-year increase, driven by key developments like Taj City and Sarai.
- The company expanded its portfolio with new commercial ventures like Tajed and Theqa, while forming partnerships, including with Klub Kayan and Midar.
- Madinet Masr’s market position is supported by its 12.7 million square meter land portfolio and commitment to urban development aligned with Egypt's Vision 2030.
Madinet Masr Housing and Development, a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, delivered impressive results at the end of its 2024 fiscal year, with total contract sales reaching $911 million—a 31.9 percent increase over the previous year.
This was driven by the company’s strategic growth and expansion, particularly the sale of more than 4,700 units across key developments like Taj City, Sarai, and The Butterfly in Mostakbal City. Madinet Masr has proven its ability to meet market demands with innovative, high-quality projects and a diversified land portfolio, positioning itself as a leader in an ever-evolving real estate market.
Strategic partnerships strengthen market position
The company's strong performance in 2024 marked a milestone, driven by an expanding land portfolio and the launch of diverse projects. In addition to residential units, Madinet Masr ventured into new commercial and service offerings, such as Tajed, its first integrated commercial district, and Theqa, an innovative property warranty service.
The company also formed a strategic partnership with Klub Kayan to establish the region’s first Swiss international sports school. Collaborations with Midar, Misr Al-Gadida, and Zahraa Maadi further solidified Madinet Masr’s standing in the market.
Abdallah Sallam attributed the company’s strong sales to its commitment to urban development and sustainability. “Our results reflect the hard work of our team and the trust our customers place in Madinet Masr,” Sallam said. “We are focused on enhancing our land portfolio and delivering solutions that align with Egypt’s Vision 2030.”
Madinet Masr's growing real estate reach
Founded in 1959, Madinet Masr has established itself as a major player in Egypt’s real estate sector under the leadership of Abdallah Sallam. He also founded MINKA Development, a key addition to the company's portfolio.
In the fourth quarter of its 2024 fiscal year, Madinet Masr secured an $11.6 million deal with ASEC Automation to enhance infrastructure for its Sarai project, further bolstering its development pipeline.
With a market capitalization of $170 million, the Cairo-based developer is expanding its reach, particularly through partnerships that strengthen its presence in New Heliopolis City. The company holds a land portfolio of over 12.7 million square meters, positioning it well for continued growth and success in urban development.
As Madinet Masr builds on its solid foundation, the company remains focused on delivering high-quality projects like Taj City, Sarai, and The Butterfly, while also exploring new ventures such as Tajed and Theqa in the commercial space.
