Madinet Masr, Zahraa Maadi Mutually Terminate New Heliopolis Co-Development Contract
Madinet Masr and Zahraa Maadi Investment and Development have announced the mutual termination of their co-development contract for two land plots owned by Zahraa Maadi in New Heliopolis City, east of Cairo.
In a joint disclosure to the Egyptian Exchange (EGX) today, the companies clarified that the agreement terminates the contract signed on October 23, 2024, which targeted the development of two land plots spanning approximately 42 acres.
Despite the amicable dissolution of the contract, both developers emphasized their continued commitment to exploring future joint land development opportunities.
Integrated Residential Project:
The initial co-development agreement, signed in October 2024, entailed building a mixed-use residential and commercial urban project on a 41.88-acre site in New Heliopolis City.
The project was slated for execution over six years and was projected to generate total revenues of approximately EGP 11.4 billion. Under the former agreement, Madinet Masr was entitled to a 64% revenue share, while Zahraa Maadi was allocated the remaining 36%.
The original contract aligned with Madinet Masr's strategy to expand its real estate portfolio through land-sharing partnerships, and Zahraa Maadi's objective to maximize returns on its land bank via the co-development model.
In a related context, Madinet Masr's consolidated financial statements revealed a 20.1% year-on-year decline in net profits during the first half of the current year, recording EGP 1.02 billion compared to EGP 1.28 billion in H1 2025.