Egypt-listed developer Madinet Masr announced on Monday an agreement with Redcon Spain Construction to accelerate construction work at the Sarai project in New Cairo.

Redcon Spain will be responsible for constructing the Z Villas within Sarai’s East Wave development, Madinet Masr said in a press statement/

The contract value is 600 million Egyptian pounds, the statement said, adding that the completion is scheduled for 2025.

Sarai, which spans 5.5 million square metres, offers various residential options and is strategically located near key roads and landmarks, including the New Administrative Capital.

(1 US Dollar = 48.63 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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