Madinet Masr, formerly known as Madinet Nasr for Housing and Development, has launched an ambitious nationwide expansion with its first project outside East Cairo. For investors monitoring Egypt's urban development through Forsa Property, the first integrated Real Estate Solutions platform in MENA, this strategic move into Assiut Governorate represents a significant shift in the company's geographical footprint. The Zahw project marks the beginning of a broader expansion strategy aimed at diversifying the company's presence across Egypt and positioning it for future regional growth.

The development spans 104 acres in western Assiut, featuring over 1,250 residential units designed to meet various customer needs. The initial phase encompasses 297 units across 63,000 square meters of built-up area, offering diverse housing options including standalone villas, twin villas, townhouses, family villas, and Z-villas. The thoughtful design accommodates different family sizes and lifestyle preferences, with delivery scheduled within three years. This carefully planned approach ensures quality execution while meeting market demand for varied housing solutions.

Abdallah Sallam, President and CEO of Madinet Masr, emphasized the company's commitment to the expansion strategy. The Zahw project demonstrates the company's dedication to bringing its 64-plus years of real estate expertise to new markets beyond Cairo. By developing sustainable integrated communities in Upper Egypt, Madinet Masr aims to replicate its success formula while addressing regional housing needs. The company's extensive experience in creating livable communities provides a strong foundation for this geographical diversification.

Strategic location enhances Zahw's appeal to potential residents and investors. Situated in West Assiut opposite Badr University, the development enjoys proximity to Assiut International Airport and stands just 15 minutes from the city center. This accessibility makes it attractive to various demographics including university faculty, professionals, and families seeking quality housing with convenient access to urban amenities and transportation hubs.

The project's commercial component stretches along the main road, covering nearly 15,000 square meters. This retail area will serve residents' daily needs while creating a vibrant community atmosphere. Additionally, a 20,000 square meter sports club promises comprehensive recreational facilities, supporting the development's vision of providing a complete modern lifestyle. These amenities transform Zahw from merely a residential project into a self-contained community addressing multiple aspects of daily life.

State-of-the-art facilities and thoughtful master planning reflect international standards in urban development. The integration of commercial, residential, and recreational elements creates synergies that enhance property values and resident satisfaction. This holistic approach to community development demonstrates Madinet Masr's understanding that successful projects must address all aspects of modern living rather than focusing solely on housing units.

Madinet Masr's impressive track record provides credibility for this expansion venture. Since its 1959 establishment, the company has served millions of Egyptians' housing needs. Beginning with master projects for Cairo's Nasr City district, home to three million residents, the company has evolved into a premier developer and one of Egypt's most recognized real estate brands. Stock exchange listing since 1996 has supported the company's growth by providing access to capital markets and enhancing transparency.

The company's current portfolio includes major developments in the Greater Cairo Area with growing presence in other Egyptian regions. A land bank exceeding nine million square meters provides substantial resources for future expansion. Active projects at the close of Q1 2023 included sixteen developments across two main complexes: Taj City, a 3.6 million square meter mixed-use development positioned as a premier cultural destination, and Sarai, a 5.5 million square meter mixed-use development strategically located near Egypt's New Administrative Capital between Cairo and Suez.

The investor structure reflects diverse participation from private and public sectors. BIG Investment Group Ltd holds 19.90%, Holding Company for Construction and Development SAE owns 15.19%, B Investment Holding SAE controls 7.47%, the Sallam Family maintains 4.67%, RIMCO EGT Investment LLC holds 1.62%, BPE Capital Ltd owns 0.05%, with other investors and free float comprising 51.10%. This balanced ownership structure supports stable governance and long-term strategic planning.

Since 1996, Madinet Masr has vigorously expanded its operational scope to cover various sectors and categories within the Egyptian real estate market. The company's outstanding heritage and achievement record in delivering high-quality residential and infrastructure projects provides a solid foundation for geographical expansion. The Zahw project in Assiut represents the first concrete step in a strategy that aims to establish Madinet Masr as a truly national developer serving markets across Egypt while maintaining the quality standards and integrated community approach that have defined the company's success in Greater Cairo.