Egypt’s MODAD Group unveiled its strategic plans for 2024 as it rebranded from Mohammed El Haddad Group of Companies and announced the launch of MODAD Properties.

MODAD said in press statement that the rebranding and the launch of the property unit is aligned with the Group's overarching strategy, emphasizing an integrated business model for engineering services and solutions within the real estate sector, according to a press statement issued by the Group.

MODAD Properties also announced the launch of its flagship commercial project ‘Sector’ in the finance and business district of the New Administrative Capital (NAC).

Spread over an area of 25,000 square metres (sqm), the business complex will comprise 1,000 units with a built-up area of 110,000 sqm.

Mohamed El Haddad, Chairman and Group CEO of MODAD Group, said 600 million Egyptian pounds ($19 million) has been allocated for the Sector project, of which EGP250 million ($8 million) has been invested thus far.

He said the company intends to infuse an additional EGP350 million ($11 million) into its projects in 2024.

Established in 2011, MODAD Group includes companies operating in construction, real estate, MEP services, fine finishing and smart solutions industries. Overall investments by the Group in Egypt have reached EGP7 billion ($227 million) to date.

(1 US Dollar = 30.92 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)


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