Madinet Nasr for Housing and Development announced today the signing of a Memorandum of Understanding (MoU) with El Hazek Construction – the leading construction company of El Hazek Group – to carry out construction work worth EGP 1.5 billion for its projects starting with “Shalya” project in Taj City, New Cairo.
The MoU was signed by Eng. Abdallah Sallam, CEO of MNHD and Eng. Mahmoud Yehia El Hazek, Managing Director of El Hazek Construction. Under this agreement, Al Hazek Construction will carry out the construction work of 34 residential buildings in the “Shalya” project with a total of 941 units with various spaces ranging from 69 to 300 sqm, spanning 34 feddans. The scope of work will extend to cover a number of phases within the project over the two-year term of the agreement. The first phase of the project is expected to be delivered within 18 months.
With its strategic location in New Cairo on the ring road, Taj City is within close proximity of Cairo International Airport, and minutes away from East Cairo, Downtown, and Heliopolis. Developed over an area of 3.5 million square meters with a total sales volume of EGP 30 billion, Taj City is a remarkable milestone in MNHD’s 63+ years of presence in the Egyptian market. The flagship project infuses the attractive design of residential complexes with the best-in-class facilities, shopping concepts and modern lifestyle, and spectacular green landscape. Shalya is strategically located within the downtown area of Taj City with breathtaking views of lush landscaping in all directions and a unique design that ensures the highest levels of privacy and a variety of unit types.
Commenting on the MoU signing, Eng. Abdallah Sallam, CEO of MNHD, said “We are privileged to partner with a leading name such as El Hazek Construction to carry out construction work for the residential units in “Shalya” project. We are keen to cooperate with renowned construction companies, and this new partnership is part of MNHD’s strategy to develop a mixed-use land portfolio in “Taj City” project and expand its portfolio of residential units with the highest standards.”
On his side, Eng. Mahmoud Yehia El Hazek, CEO of El Hazek Construction, said that cooperating with MNHD is a valuable addition to El Hazek Construction’s track record of achievements in the Egyptian market, especially in light of the continuous growth the local real estate market has been witnessing. “This partnership serves our vision in providing top-notch real estate products, leveraging our extended expertise in this domain, to contribute to the development and growth of communities.
