Madinet Masr, one of Egypt's leading urban community developers, has tripled its total contractual sales amounting to EGP 34.95bn in 2023, up from EGP 11.2bn during the same period in 2022. The company said that this impressive performance is driven by its expansion and growth strategy, which focuses on developing its diverse land portfolio, to meet its customer needs and aspirations, investing in human resources, and offering innovative real estate products to strengthen its leadership position and contribute to the growth of the Egyptian real estate market. The remarkable increase in Madinet Masr's total contractual sales is due to the adoption of a new strategy since early 2023, as well as the launch of successful partnerships and new projects within "Taj City", spanned across an area of 3.6 million sqm, as well as "Sarai" project, spanned across an area of 5.5 million sqm with close proximity to the New Administrative Capital. Additionally, Madinet Masr pioneered the concept of innovation across its operations through its innovative arm, Madinet Masr Innovation Labs, with the launch of its first digital platform "Touba" to revolutionize the concept of purchasing and investing in the Egyptian real estate market through various flexible payment plans to cater to its customers' needs and aspirations. Commenting on this achievement, Abdallah Sallam, President and CEO of Madinet Masr, said: "The outstanding results of the contractual sales are a strong representation of our efforts throughout a year with many challenges which we succeeded in overcoming. Our ability to achieve this remarkable growth is due to the company's resilience, solid positioning in the real estate market as well as the trust of the company's Board of Directors, the diligent efforts of our dedicated team and the high quality of the innovative products and solutions that we offer." Sallam added that they are on the right track due to the company's growth strategy and vision which enabled them to reach EGP 34.95bn in contractual sales, capitalizing on their extensive experience in the real estate market that extends over 65 years, and supported by the trust of our customers due to the company's commitment in providing world-class real estate solutions and services in Egypt. Madinet Masr aims to develop its land portfolio, exceeding 9 million square meters, by establishing new residential units and projects adhering to the highest standards of efficiency and quality.
