Egyptian developer Madinet Masr announced on Wednesday that it signed an extension to its existing Memorandum of Understanding (MoU) with El Hazek Construction to build the final phase of ‘Shalya’ project and the company’s new headquarters in Taj City.

The extension raises the development value of the agreement, signed last year, from 1.5 billion Egyptian pounds ($49 million) to EGP1.7 billion ($55 million).

The MoU was signed by Abdallah Sallam, President and CEO of Madinet Masr, and Mahmoud Yehia Hazek, CEO of El Hazek Construction.

Under the agreement, El Hazek Construction will build and deliver Shalya’s final phase within 15 months, and the headquarters within 17 months.

Spread over an area of 4 acres, the iconic headquarter building will have a built-up area of 12,000 square metres (sqm) and is expected to cost EGP400 million ($13 million).

The 64-year-old EGX-listed company was previously headquartered in Nasr City.

The second and final phase of Shalya will span 3 acres. The project, which will cost EGP607 million ($20 million), will have a built-up area of 63,000 sqm.

The first phase, being built by El Hazek at a total cost of EGP700 million ($23 million), is expected to be delivered by early 2024.

(1 US dollar = 30.90 Egyptian pounds)

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


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.