Abdallah Sallam, CEO and Managing Director of Madinet Masr for Housing and Development, announced that the company is negotiating the acquisition of three land plots in Riyadh, Saudi Arabia, ranging in size from 300,000 to 500,000 sqm. Speaking at the company's roundtable on Sunday, Sallam explained that Madinet Masr's regional expansion will be carried out through its subsidiary Cities of the World, which will oversee all international operations. He added that the first investment opportunity in Saudi Arabia will be announced soon, highlighting Wahij Real Estate as the company's local partner in the Kingdom. On the domestic front, Sallam revealed that Madinet Masr is targeting the delivery of between 1,500 and 2,000 units across its projects this year, with around 500 units already handed over in the first half. He also announced plans to award approximately EGP 30bn in construction contracts during 2025. So far, contracts worth EGP 2.9bn have been awarded and disbursed, while the company aims to channel EGP 13bn into project construction this year. In addition, the company has secured a revolving securitisation facility valued at EGP 9bn, of which it has already drawn between EGP 1.5bn and 2bn.
