Egyptian private developer M squared expects to allocate 3 billion Egyptian pounds ($62 million) towards construction works by 2026, the company's chairman and CEO said.

The company has secured financing worth EGP 2.5 billion ($52 million) this year from banks and financiers to support its projects in East and West Cairo and the North Coast, Karim Malash told Zawya Projects.

M squared is the real estate arm of Intro Investments Holding, which has a portfolio spanning energy, technology, real estate, and retail.

Malash said the company has developed 35 percent of its 226-acre land bank and is assessing two new plots but didn’t elaborate.

He said the company plans to deliver a total of 140 residential units at its EGP 15 billion ($309 million) Masyaf Ras Al Hekma project on the North Coast in 2026. It has delivered nearly 68 units of out of the 104 targeted for 2025 with the rest on track for delivery before the end of the year.

Masyaf Ras Al Hekma spans 182,000 square metres (sqm) and comprises 1,317 villas, chalets and cabanas and a commercial hub. The entire project is expected to be completed by 2030.

Malash said Marmarica Boutique Cabanas, the hospitality component operated by M squared Hospitality, currently comprises 28 units and will grow to 42 by 2026 and 74 by 2027. The project will also include 150 serviced apartments.

Contractors working on the Maysaf Ras El Hekma include Sigma and SCAS for fitouts and finishing works and Fluidra for lagoon works. BirdNest has been appointed as the asset manager for the hospitality component.

In addition to Masyaf Ras Al Hekma and Marmarica Boutique Cabanas on the North Coast, the developer’s existing portfolio includes Trio in New Cairo, 31WEST in 6th of October City, MIST residential community, and 41 Business District on Kattameya Road.

(1 US Dollar = 48.54 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Sona Nambiar)

(anoop.menon@lseg.com)

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