Real estate developer Madinet Masr is getting ready to put its expansion plans up a gear with efforts underway to set up a subsidiary in Dubai — called Cities of the World — that will manage its projects outside of Egypt, according to a statement (pdf). The move is “a key part of Madinet Masr’s strategic expansion plan, which aims to strengthen the company’s regional and international presence and unlock new [prospects] across a range of real estate development sectors,” according to the statement.

The UAE-based company will serve as the company’s international holding company, which will have under its wings dedicated entities to each target market, a company representative told EnterpriseAM. They explained that setting up shop in the UAE was a no-brainer for the developer, pointing to its “strategic geographic position, world-class infrastructure, and a stable business ecosystem that fosters regional connectivity.”

Who will be in charge of the new unit? The developer’s Senior Vice President of Product Development Mohamed Lashien (LinkedIn) will serve as managing director of the newly-established subsidiary following its official launch.

The developer’s focus will initially be in the region, particularly the GCC. The company representative told EnterpriseAM that the UAE and Saudi Arabia “are of strong interest due to their robust real estate sectors.”

Saudi Arabia will likely be the location of the developer’s first overseas project, with the Kingdom sticking out as an attractive option on the back of its “strong market fundamentals and alignment with our vision for modern, sustainable communities.” The company is planning to announce its first international project — be it Saudi Arabia or elsewhere — “in the coming months,” we were told.

But expansion further afield is also in the cards, with the company telling us they are “evaluating stable international markets that present long-term growth opportunities and align with our development philosophy.” Madinet Masr thinks that its expansion plans further down the line could include “destinations in Europe and other globally mature real estate sectors, where there is a strong demand for sustainable, well-integrated communities.”

We had an idea this was coming, after CEO Abdallah Sallam mentioned in March that the developer was in talks with potential partners in the UAE and Saudi Arabia for its planned GCC expansion.

What they said: “Initiating the process to establish Cities of the World marks a significant milestone in executing our strategic goal of regional expansion. This step reflects our dedication to extending Madinet Masr's legacy beyond national borders and positioning ourselves at the forefront of regional real estate development. We are confident this direction will enable us to enter promising markets while exporting our successful development model,” Sallam said.

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