Egypt-Russia real estate partnership Monterra Developments will deliver the first phase of its 25 billion Egyptian pounds ($474.2 billion) Monterra Bay project on the North Coast in three years, company CEO Mohamed Maamoun said.

The residential project, spread over an area of 55 feddans, features around 1,440 units, Maamoun told Zawya Projects.

He said construction works for the project started in September 2025, ahead of its official market launch.

“This approach reflects strong financial capacity and execution ability, presenting a different model in the market that is based on delivery rather than promises,” he said.

Maamoun said the project has been designed with a built-up ratio of no more than 18.5 percent, while over 80 percent of the land area is allocated to green spaces, landscaping and water features.

He added that Monterra is tapping engineering and construction expertise from companies involved in major national projects, including the El Dabaa Nuclear Power Plant.

Egyptian-Russian partnership

Maamoun described the partnership with Russian investors as part of broader foreign investment interest in Egypt’s real estate market.

Anton Anuchin, Partner and Co-Founder, Monterra Developments said the venture reflects growing confidence in Egypt’s economy and could pave the way for additional Russian investments in the sector.

“This partnership is an extension of the strong economic relations between Egypt and Russia,” he said.

Partner and Co-Founder Maxim added that the company plans to diversify its portfolio and expand into additional strategic locations in Egypt and regional markets over the coming years, adding that it is currently evaluating investment opportunities in Cairo.

(1 US Dollar = 52.73 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.