Our Chairman

Over the past year, we honored our heritage and reimagined the next chapter as a leading real estate player and responsible developer.

Dear Shareholders

I am pleased to introduce Madinet Masr’s annual report and present a year of transformation and remarkable growth for our Company. Over the past year, we honored our heritage and reimagined the next chapter as a leading real estate player and responsible developer.

As we reflect on the current global and macroeconomic landscape, numerous challenges are impacting the world economy. From political uncertainty and market volatility to persistent inflationary pressures, individuals and businesses are seeking safer investment options. In Egypt, these factors have been compounded by the devaluation of the Egyptian pound and soaring domestic inflation. Against this backdrop, we are encouraged by the resilience of the Egyptian real estate market and the fact that, historically, people had always turned to the real estate sector in challenging times to safeguard their financial interests. On that front, we are well-prepared and certain that our diverse range of projects offers a unique value-adding proposition and exceptional customer experience.

Our strategy is distinct and our business outlook is very positive due largely to the steps taken to position Madinet Masr for continued success in the years ahead. Our Company was restructured in 2021, bringing together new shareholders, industry experts with a wealth of knowledge and expertise to our team, and Abdallah Sallam as our newly appointed CEO. His strategic vision and focus on innovation have already had a positive impact on our Company, and we have full trust and confidence in his ability to lead Madinet Masr to a prosperous future.

Egypt’s real estate market has a great deal of untapped potential for growth, and at Madinet Masr, we have an opportunity to unlock its value. With a population of over 100 million, growing nearly 2% a year, demand for high-quality properties continues to exceed supply. Our commitment not only delivers developments that fill the gap but rather builds communities that best serve the dynamic needs of the Egyptian population. Our new strategy envisions a progressive approach to community living that enriches the lives of residents, brings people together and promotes business growth.

We operate in a sector that has long been an evident contributor to Egypt’s economic growth and development. The real estate industry creates significant job opportunities, from engineers to construction workers and sales representatives. We are proud of the role we play on this front; with two large-scale mixed-use developments and a strong pipeline of projects, we are certain that we will continue to stimulate growth for our country and Company in the years ahead.

As a real estate pioneer, we have always sought to be ahead the curve in preemptively identifying shifting patterns in urban living. In recent years, we have seen a trend of homeowners looking beyond traditional urban centers in search of communities that offer a sense of belonging and modern comfort. We met the change with two full-fledged innovative developments – Taj City and Sarai – both strategically located and catering for a range of customer segments and demographics. Most importantly our developments prioritized state-of-the-art amenities and a strong sense of community.

These are exciting times for Madinet Masr, full of promising changes and reinvention. Leveraging a profound legacy, strong fundamentals, and the unwavering support of the Board of Directors, we ended the year on a high note and are ideally positioned to continue delivering on our vision and growth strategy in 2023.

We are proud of the progress we have made over the past year, and we remain committed to delivering long-term value to our shareholders through prudent investment and sound business practices. On behalf of the Board, I would like to thank our shareholders and customers for their continued loyalty and trust in us.