Mass Developments plans $453m mixed-use project in New Cairo
CAIRO, September 4, 2024
Egypt's Mass Developments has launched a new mixed-use project on Gamal Abdel Nasser Axis in New Cairo, with an investment exceeding EGP22 billion ($453.6 million).
The project will span an area of 30,600 sq m and is part of the company’s expansion plan in the local market, said Atef Manai, Chairperson of Mass Developments, in a Daily News Egypt report.
Manai highlighted the company’s diverse track record, which includes developing commercial businesses, malls, and residential complexes in East Cairo, specifically in New Cairo and the New Administrative Capital, with total investments reaching EGP 20 billion.
Additionally, the company has residential and commercial projects in West Cairo, notably in 6th of October City, with investments nearing EGP 15 billion.
Manai added that the New Capital project currently offers the highest investment return among real estate projects in Egypt, with continued growth expected as the subsequent phases are launched.
The company owns three factories in Abu Rawash specialising in the production of modern building materials, serving both local and international markets under the slogan “Proudly Made in Egypt.”
