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Madinet Masr for Housing and Development has signed an MoU with Al Shorouk Construction worth EGP 4.8 bln to advance residential construction at the Elan phase of its Sarai project. The agreement outlines the execution of key residential works, with completion targeted by the end of 2027. Sarai is one of the company's major township developments and remains central to its residential strategy. The move follows Madinet Masr's ongoing efforts to accelerate project execution through partnerships with established contractors.
Madinet Masr for Housing and Development has entered into a memorandum of understanding with Al Shorouk Construction to carry out residential construction works at the Elan phase of its Sarai project. The agreement, valued at EGP 4.8 bln, covers key development activities within the large-scale mixed-use township located east of Cairo. Advertisement
Under the MoU, Al Shorouk Construction will be responsible for executing residential buildings as part of Elan at Sarai, one of the project's ongoing development phases. The company indicated that construction activities under this agreement are planned to be completed by the end of 2027, aligning with Madinet Masr's broader delivery timelines for the project.
Sarai is among Madinet Masr's flagship developments and forms a significant part of its residential portfolio. The project spans several phases and includes residential communities along with supporting infrastructure. In recent years, the developer has focused on accelerating execution by partnering with established contractors to ensure steady progress and timely handovers.
The latest agreement reflects Madinet Masr's continued use of construction partnerships to manage scale and execution risk, while maintaining momentum across its developments. The company has previously adopted a similar approach for other phases within Sarai and its wider project pipeline, particularly as construction activity across Egypt's real estate sector has faced cost pressures and tighter timelines.
Source Reuters
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