Misr City signs a memorandum of understanding with Abu Al Wafa Contracting to carry out works within the ”Clubside” project with investments of 3.3 billion Egyptian pounds.
Madinet Misr (EGX: MASR.CA) announced the signing of a Memorandum of Understanding (MoU) with Abu El Wafa Contracting and Real Estate Investment Company to execute construction work within the “Clubside” project in Taj City, with investments reaching EGP 3.3 billion.
This step comes within the framework of the company’s strategy to accelerate development while adhering to the highest quality standards, in line with the needs of the Egyptian market and reflecting added value for investors and clients.
It also reflects the company’s ongoing commitment to strengthening long-term partnerships with trusted partners to ensure the success and sustainability of its projects.
The MoU was signed by Eng. Abdullah Sallam, Managing Director and CEO of Madinet Misr, and Eng. Saad Mahmoud Abu El Wafa, Chairman of Abu El Wafa Contracting and Real Estate Investment Company, in the presence of a number of executives from both companies.
The MoU stipulates the construction of 40 residential buildings and their associated infrastructure, with completion scheduled for the end of 2027, reflecting a commitment to the established timelines and supporting the development of integrated urban communities.
Commenting on the memorandum, Eng. Abdullah Sallam, Managing Director and CEO of Madinet Misr, stated: “At Madinet Misr, we are committed to building long-term strategic partnerships with companies possessing strong expertise in the construction and contracting sectors. This ensures the delivery of high-quality and efficient projects that align with our expansion plans and the development of integrated urban communities.
Our ongoing collaboration with Abu Al Wafa Contracting and Real Estate Investment Company reflects our commitment to selecting partners capable of meeting the scale and nature of our projects. This memorandum of understanding represents a significant step towards accelerating project completion rates and enhancing the quality of execution, thereby fulfilling our clients' aspirations and our unwavering commitment to innovation and best quality practices.”
As Eng. Saad Mahmoud Abu El Wafa, Chairman of the Board of Directors of Abu El Wafa Contracting and Real Estate Investment Company, stated: “We are proud to collaborate with Madinet Misr on their “Clubside” project within Taj City, which is considered one of the most important and prominent integrated urban communities in East Cairo.
This ongoing collaboration reflects their confidence in our experience of over 50 years in the contracting sector and our ability to utilize our technical and engineering capabilities to execute projects according to the highest standards of quality and efficiency. We are committed to executing the work according to clear timelines and precise standards, which supports the achievement of the project's objectives, delivers sustainable value to clients, and fosters a long-term partnership with Madinet Misr based on professionalism and mutual trust.”
Taj City is a landmark in Madinet Misr's journey, which spans over 65 years in the Egyptian market. The project covers an area of 3.5 million square meters and boasts a strategic location in New Cairo on the Ring Road, near Cairo International Airport.
Taj City offers modern lifestyles with an attractive design that meets the evolving aspirations and needs of its clients, utilizing the latest construction technologies combined with top-notch amenities and state-of-the-art shopping experiences. All of this harmonizes within vast expanses of breathtaking landscapes and an architecture that reflects the warmth of the Egyptian spirit, its history, and its values, ensuring a distinctive experience for the project's residents.
Abu El Wafa Group has been operating since 1974 in the field of integrated construction and contracting, serving a client base throughout the Arab Republic of Egypt.
Abu El Wafa prides itself on providing the market with superior quality products in diverse sectors such as healthcare, housing, infrastructure, and education. This stems from its leading position as an integrated and impactful service provider, achieved through the adoption of cutting-edge engineering technologies, the implementation of effective environmental practices, and the delivery of smart and sustainable projects.