Cairo – Mubasher: Madinet Masr Housing and Development announced strategic partnerships with 73 companies at a total monetary value of EGP 7 billion in 2023, according to a press release.
The total amount is divided into EGP 5.30 billion for construction, EGP 1.35 billion for infrastructure, EGP 250 million for landscape, and EGP 100 million for consultancy services.
This aligns with the EGX-listed firm’s expansion plan that aims to meet the diverse needs of its customers in accordance with the highest quality and sustainability standards.
Madinet Masr held a ceremony that was attended by 73 successful partners in the fields of contracting, engineering, telecommunications, construction, suppliers, and facilities.
Abdallah Sallam, President and CEO of Madinet Masr, indicated: “The aim is to meet our customer expectations and positively contribute to the state's objectives for urban and sustainable development, thereby propelling economic growth.”
The partnerships included an agreement with El Hazek Construction to develop the final phase of the Shalya project in Taj City at a total of EGP 1.70 billion.
Among the notable collaborations was a deal with ASEC Automation (ASA), a subsidiary of Qalaa Holdings, to execute the construction of 13 buildings in the Lake Park project in Taj City for EGP100 million.
In the first nine months (9M) of 2023, the EGX-listed firm registered consolidated net profits after tax worth EGP 1.35 billion, higher by 153.12% year-on-year (YoY) than EGP 534.20 million.
