Madinet Masr, one of Egypt's leading real estate developers, reported a strong performance during the first nine months of 2024, achieving a significant leap in sales, achieving a total nominal value of EGP 36.7bn. These figures underscore the company's growing performance, the strength of its financial position, and the success of its expansion strategy aimed at developing its land portfolio and diversifying its projects in strategic locations. This approach aligns with Egypt's Vision 2030 for urban development, delivering substantial customer value. The company's success is evident not only in sales figures but also in its ability to sell over 4,000 units across various projects within nine months —more than double the number of units sold compared to the same period last year. Abdallah Sallam, President and CEO of Madinet Masr, expressed pride in the company's year-over-year positive results, stating: "These achievements reflect the hard work and dedication of our team, as well as the trust our customers place in the Madinet Masr brand, bringing the company's nominal value to EGP 36.bn. This trust is our greatest motivator as we continue our journey of success and strengthen our leading position in the real estate market.
He further emphasized: "We are committed to expanding our land portfolio and diversifying our projects to create innovative real estate solutions that not only meet but exceed our customers' aspirations. We remain committed to upholding the highest standards of quality and efficiency, building on our 65 years of legacy in the Egyptian real estate market."
Madinet Masr's growth strategy has successfully driven the launch of several new projects in the first nine months of the year. This includes launching new phases in 'Taj City,' 'Sarai,' and 'The Butterfly' in Mostakbal City, all of which have seen substantial demand, reflecting strong customer confidence in the quality of these developments.
Additionally, the company launched "Tajed," the first integrated commercial district within "Taj City," and introduced "Theqa," the first-of-its-kind property warranty designed to substitute maintenance deposits in the Egyptian real estate sector.
The company also has established the region's first Swiss international school in collaboration with Club Kayan, a subsidiary of Blue Ribbon Company, a leader in sports club management. Madinet Masr aims to enhance its land portfolio as part of its strategic expansion strategy, which spans over 12.6 million sqm, by developing new residential and commercial projects that adhere to the highest efficiency and quality standards.
