Madinet Masr to invest EGP 3 bn in 2023: Madinet Masr for Housing and Development (MMHD) will invest as much as EGP 3 bn in Egypt this year, Hapi Journal quotes MNHD Managing Director and CEO Abdallah Sallam as saying. The company, which last week rebranded to change its name from Madinet Nasr, will spend most of the money on construction work, he said, as it looks to meet delivery dates at its flagship Sarai and Taj City projects.

That’s over EGP 1 bn more than last year: MMHD allocated EGP 1.8 bn to construction and infrastructure capex in 2022, it said in its recent earnings release (pdf).

MMHD doubled deliveries last year: The company increased its delivery of residential units to nearly 2.1k in 2022 from just over 1.0k the year before.

The company is expanding beyond the capital: The real estate developer is launching a new development this year in Assiut, its first project outside of Cairo, Sallamsaid at a press conference last week. It is also looking to acquire land in the new administrative capital.

And potentially beyond Egypt’s borders: MMHD is keeping its eyes open for potential investments in the Gulf, Sallam said, without providing further details. A company representative declined to comment further on Sallam’s statements when we reached out on Thursday.

Madinet Masr to issue more securitized bonds: MMHD intends to close a fresh securitization later this year, Sallam told Hapi. He did not disclose the potential size of the issuance.

MMHD has made one securitization so far in 2023: The company last month sold almost EGP 806 mn of securitized receivables to investors. This was the second installment of a EGP 3 bn, three-year program started in January 2022.

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