Misr Al Gadida Signs 865-Feddan Development Partnership with Middle East Development & Investment Company
On Sunday, January 21, 2024, Misr Al Gadida signed a partnership contract with the Middle East Development & Real Estate Investment Company to develop 865 feddans under a shared revenue model. Misr Al Gadida will receive 28% of revenues from semi-finished units and an additional 3% of finishing value, with a guaranteed minimum of EGP 23 billion and an expected return of EGP 39.7 billion. The project is planned for 10 years from the issuance of the first license, with a total development, marketing, and sales period of 14 years. The Middle East Development Company is a leading real estate developer with several notable projects in 6th of October City, North Coast, and Ain Sokhna, including Al Ain Bay, Al Ain Valley, New Giza, and Hacienda. This partnership is expected to generate significant financial returns for Misr Al Gadida in the coming years. In the next phase, the company will continue developing the city, completing infrastructure networks and essential roads. The contract aligns with the company’s strategic plan previously presented to the Board of Directors and the Minister of Public Business Sector, reinforcing the government’s vision of public-private partnerships. In recent months, the company has enhanced its operations by incorporating private-sector expertise, upgrading the City Authority building, improving major roads, and preparing employees for quality assurance certifications expected before June 2024. The Managing Director and CEO extended thanks to the Minister of Public Business Sector, Dr. Mahmoud Esmat, for his continuous support, as well as to the Board of Directors, all company employees, and Mr. Mohamed Bek Hassan.
