The EGX-listed developer Madinet Masr announced on Monday that it has signed a Memorandum of Understanding (MoU) with Aboelwafa Contracting & Real Estate Investment Company to carry out the construction work of ‘Sarai’ project in East Cairo at a total cost of 1 billion Egyptian pounds ($21 million).

The scope of the MoU includes construction of 14 residential buildings together with fences and surface drainage for gardens in the S2 neighbourhood, Madinet Masr said in a press statement.

Construction is scheduled to be completed by September 2025, the statement said, adding that the buildings will cover an area of 82,527 square metres (sqm) on a land area of 31,640 sqm.

Sarai spans a total area of 1,330 acres (approximately 5.5 million sqm) along the Cairo-Suez Road and Al-Amal axis, and includes residential apartments, S-Villas, townhouses.

(1 US Dollar = 47.96 Egyptian Pounds)

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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