Madinet Masr, led by tycoon Abdallah Sallam, negotiating three prime land plots in Riyadh for Saudi Arabia expansion.
Cairo-based developer targets delivery of up to 2,000 housing units in 2024, with 620 million construction contracts planned for 2025.
Madinet Masr expands Gulf real estate footprint through Cities of the World, with first Saudi investment opportunity to be announced soon.
Madinet Masr Housing and Development MNHD, one of Egypts top real estate players, led by Egyptian tycoon Abdallah Sallam, is negotiating the acquisition of three prime land plots in Riyadh as part of its Saudi Arabia expansion push. The plots range between 300,000 and 500,000 square meters, Sallam said during a company roundtable on Sunday.
The move marks Madinet Masrs first entry into the Kingdom and will be executed through its international arm, Cities of the World, with Wahij Real Estate as the local partner. Sallam noted that the company will announce its first Saudi investment opportunity soon, underscoring the developers ambitions to tap into the Gulfs booming real estate market.
Domestic deliveries and 620 million construction pipelineOn the home front, Madinet Masr is targeting delivery of 1,500 to 2,000 housing units this year, with about 500 units already completed in the first half. The Cairo-based developer also plans to award EGP30 billion 620 million in construction contracts in 2025, a significant scale-up from the EGP2.9 billion 60 million already allocated.