Maadi Development to launch new project in Upper Egypt this year

Egypt’s state-run Maadi Company for Development and Reconstruction plans to launch its first real estate project in Beni Suef governorate, south of Cairo, this year, said chairman Mohamed AbdElKereem on Thursday.

The project’s investments are expected to range between 3 billion and 3.5 billion Egyptian pounds ($168 million-$196 million), AbdElKereem said, adding that this comes as part of the company’s plans to expand its businesses in Upper Egyptian cities.

“The project will be established on a space of 200 feddans,” the official further told Amwal Al Ghad.