By Abdullah Bedir

Cairo – Mubasher: Madinet Masr Housing and Development is seeking to acquire massive land in Egypt’s North Coast at a minimum area of 400 feddans, stated Abdallah Sallam, the company’s president and CEO.

Sallam revealed on the sidelines of a press conference that his company is in talks to enter the Saudi market.

The company has studied various locations in the kingdom, while a series of meetings were held with Mohammad Albuty, CEO of National Housing Company and a group of private Saudi real estate companies, Sallam added.

The top executive noted that Madinet Masr desires to penetrate the Saudi market to offer added value through a unique product.

The Saudi real estate market would benefit from the experience of Egyptian developers in the field of compounds, Sallam highlighted.

Furthermore, he stated that the Central Bank of Egypt’s (CBE) decisions to raise interest rates by 6% and flotation of the currency were tough for the real estate industry, but they would help the market stabilise, facilitating the pricing of units for developers.

Sallam expects real estate prices to increase by at least 20% in the coming period, driven by currency flotation and the interest rate hike.

He warned that offering land in US dollars is problematic for developers, adding that his company does generate income in foreign currency.

The top executive unveiled that around 20% of Madinet Nasr’s sales are conducted by Egyptian expats.

Earlier today, Madinet Masr Innovation Labs, the innovation arm of Madinet Masr,  launched a new property warranty solution under the name of “Theqa”.

Madinet Masr logged a 188.85% year-on-year (YoY) surge in the consolidated net profit after tax and non-controlling interest to EGP 2.12 billion in 2023 from EGP 736.73 million.