Egyptian real estate developer Madinet Masr announced on Sunday that it signed a Memorandum of Understanding (MoU) with ASEC Automation (ASA) to enhance the infrastructure and road network for Sarai's Cavana project in New Cairo.

ASA, a subsidiary of Qalaa Holdings, specialises in control, automation and electrical engineering solutions for infrastructure projects and heavy industries.

Madiner Masr said in a statement that the enhancement project, with an estimated total cost of 100 million Egyptian pounds ($3.2 million), is set to be delivered within 12 months, and forms part of its commitment to accelerate the pace of delivery across all its projects.

Abdallah Sallam, President and CEO of Madinet Masr, said: “Madinet Masr is keen to partner with some of the leading engineering firms that align with our strategic objectives to apply the latest technological advancements in order to keep pace with Egypt's evolving real estate landscape.”

Mohamed Abdel Razek, CEO of ASEC Automation said the agreement is aligned with the company's strategy to provide innovative and advanced control and electrical engineering solutions for infrastructure projects.

Sarai is a multi-purpose project which spans over 5.5 million square metres (sqm) and located along the Cairo-Suez Road and Al-Amal axis.  The Cavana project occupies an area of 240,349 sqm.

(1 US Dollar = 30.84 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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