Madar Development invests EGP 22bn in Egypt’s real estate market

Gasser Bahgat, CEO of Madar Development, has announced that the company plans to invest EGP 22bn in real estate projects in Egypt to build modern and luxurious communities.

Bahgat said that Ain Sokhna has proven its standard efficiency in defying the conditions imposed by the COVID-19 pandemic and announced itself after it became the preferred residence for many citizens.

He added that the project spans over 400 feddan as it is considered the largest tourism project in the Ain Sokhna region at an investment cost of EGP 6bn.

He further noted that the project comprises about 2,500 housing units in addition to 5-star hotels, water games, restaurants, cafes and private beach as well as security services.

The company has teamed up with global operators and agencies in field of contracting, including YBA, Benoy, Omni View, WATG, Hany Saad, MemarK ACE Moharram Bakhoum RMC, BW, Raouf Fahmy, Barton, Well More, he disclosed.