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Madinet Masr unveils EGP 70bn development investments

Madinet Masr unveils EGP 70bn development investments
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Madinet Masr
MASR
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Cairo – Mubasher: Madinet Masr Housing and Development plans to invest EGP 70 billion in non-residential projects within the Taj City and Sarai projects,

The development schemes span 1.5 million square metres and will be implemented within 10 years, according to a bourse disclosure.

Madinet Masr highlighted that cash flows are expected to reach about EGP 6 billion in sales value as per market prices in these regions at the present time.

The company also noted that there are negotiations to acquire 400 acres in the New Administrative Capital (NAC) during the coming period.

Madinet Masr recently launched the Sheya project in Sarai, with total sales amounting to EGP 5.10 billion.

The consolidated net profit after tax and non-controlling interest of Madinet Masr hiked by 188.85% to EGP 2.12 billion in 2023 from EGP 736.73 million a year earlier.