Makadi Heights Signs Agreement to Develop New Red Sea Land, Expanding Orascom Development’s Flagship Projec
Orascom Development Egypt announced that its subsidiary, Makadi Heights for Tourism Development, has signed an agreement with the state to develop a new land parcel covering 1.021 million square meters on the Red Sea coast. The agreement will come into effect in January 2026, according to the company’s disclosure to the Egyptian Exchange.
The newly acquired land is adjacent to the existing Makadi Heights development, and its addition will increase the total project area to approximately 4.75 million square meters, strengthening the position of Makadi Heights as one of Orascom Development’s largest integrated towns on the Red Sea.
According to the company’s statement, the master plan for the new land will include residential units, hotel apartments, a hotel component, and commercial areas, ensuring the expansion aligns with the town’s vision as a fully integrated and diversified coastal community.
The agreement stipulates that the state will receive an in-kind share equivalent to 50% of the total units developed on the new land.
Commenting on the announcement, Dr. Iskandar Ta’meh, Chairman of Makadi Heights, stated:
“The new plot of land represents an important strategic addition that enhances the long-term position of the Makadi Heights project, boosts its competitiveness, and opens broader prospects for future expansion.”
He added:
“This step marks a qualitative leap for Makadi Heights, enriching the living experience within the development and supporting our vision to build a fully integrated, sustainable coastal community.”
The expansion reflects Orascom Development’s ongoing commitment to enhancing its Red Sea portfolio and strengthening Makadi Heights’ role as a key contributor to Egypt’s coastal tourism and real estate development.