“Hassan Allam Developments,” a leading real estate development company in Egypt, has announced the acquisition of a new piece of land in “Mostakbal City” from Midar for Investment and Urban Development, the owner and developer of “Mostakbal City.” This move is part of Hassan Allam Developments’ strategy to expand its operations in East Cairo and solidify its leading position as one of the Egyptian market’s fastest-growing real estate development companies.
The newly acquired land, spanning 279 acres, will be utilized for a new multi-use project in “Mostakbal City,” with investments amounting to 35 billion Egyptian pounds.
The new project is envisioned as a modern model for integrated urban communities, encompassing a wide range of models, including standalone villas, residential apartments, and commercial and administrative units.
In this context, Mohamed Allam, CEO of Hassan Allam Developments, expressed his pride in partnering with Midar for the third time in “Mostakbal City.” This partnership reflects Hassan Allam Development’s strategic vision of expanding its land portfolio and operations across Egypt.
Allam emphasized that the strategic partnership with Midar has positively impacted “Mostakbal City,” turning it into the preferred real estate destination in East Cairo for developers and investors. He added that the new joint project being executed by Hassan Allam Developments in collaboration with Midar will bring a breakthrough in the city with promising results.
Allam stated, “We intend to leverage Midar’s renowned quality alongside Hassan Allam Developments’ extensive experience to develop an exceptional real estate project in the Egyptian market, characterized by innovation and offering the highest levels of residential living for customers and the highest returns for investors.”
It’s worth noting that Hassan Allam Developments’ acquisition of the new land from Midar signifies the fruitful strategic partnership between “Hassan Allam Developments” and “Midar,” based on their shared vision to elevate the standards of real estate development in “Mostakbal City.” This is reflected in their previous successful joint projects in the city, including “HAPTOWN” and “THE VALLEYS.” The “HAPTOWN” project, spanning over 140 acres, sold 93% of its units, featuring 5,000 diverse units ranging from villas to residential apartments. Similarly, “THE VALLEYS,” covering 110 acres, also achieved significant success in sales since its launch at the end of 2023.
On his part, Ayman El Qousi, Managing Director and CEO of Midar for Investment and Urban Development, expressed his utmost delight in signing the new partnership contract with Hassan Allam Developments. He affirmed that the new project will represent another achievement within “Mostakbal City,” echoing the great success stories achieved through the strategic partnership between the two companies.
El Qousi stressed Midar’s continuous commitment to contracting with leading real estate development companies in Egypt and the region. He highlighted that this agreement reflects the shared vision of Midar and Hassan Allam Developments, aimed at developing integrated urban communities with the highest quality and innovation to enrich customers with an exceptional residential experience. El Qousi emphasized using the strong expertise possessed by both companies in developing the new project to achieve our shared goal of elevating “Mostakbal City” into the leading real estate destination in Egypt. He also emphasized Midar’s efforts to apply the concept of the general developer for integrated giant cities innovatively, enhancing the capabilities of our partners of developers and investors, making the Egyptian real estate market more attractive to regional and global developers based on strategic site selection, unique designs, and relying on the latest international advancements in establishing the infrastructure of giant cities.
