Cairo – Madinet Masr Housing and Development has begun developing a wholly owned subsidiary in Dubai under the name ‘Cities of the World’, according to a press release.

In line with Madinet Masr's strategic expansion plan, the new entity will manage the EGX-listed company’s projects outside Egypt.

This aims to strengthen the company's regional and global presence and unlock new opportunities across a range of real estate development sectors.

Abdallah Sallam, President and CEO of Madinet Masr, stated: "Initiating the process to establish 'Cities of the World' marks a significant milestone in executing our strategic goal of regional expansion."

Madinet Masr also intends to name Mohamed Lashien, the company's Senior Vice President of Product Development, as Managing Director of Cities of the World.

In the first quarter (Q1) of 2025, the development group posted 32.64% year-on-year (YoY) lower consolidated net profits after tax and non-controlling interest at EGP 793.85 million, versus EGP 1.17 billion.

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