Arab Finance: Madinet Masr has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction works of Sarai mixed-use project, with total investments exceeding EGP 1 billion, as per a statement.

The project spans an area of 1,330 feddans, equivalent to around 5.5 million square meters.

The MoU covers the construction of residential buildings, fences, and surface drainage for gardens of 14 buildings in the S2 neighborhood.

The buildings will cover an area of 82,527 square meters on a 31,640-square-meter land plot.

The construction works are scheduled to be completed by September 2025.

“We are confident that this collaboration will ensure the implementation of the project with the highest quality standards, surpassing our clients’ expectations and aspirations and providing them with exceptional added value,” Abdallah Sallam, President and CEO of Madinet Masr, commented.

“This cooperation reflects our commitment to promoting sustainable economic practices in the construction industry, delivering both environmental and economic value,” Saad Aboelwafa, Chairman of Aboelwafa Contracting, said.

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