{"id":584523,"date":"2023-04-02T00:00:00","date_gmt":"2023-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/madinet-masr-plans-to-spend-more-this-year\/"},"modified":"2023-04-02T00:00:00","modified_gmt":"2023-04-02T00:00:00","slug":"madinet-masr-plans-to-spend-more-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/madinet-masr-plans-to-spend-more-this-year\/","title":{"rendered":"Madinet Masr plans to spend more this year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Madinet Masr to invest EGP 3 bn in 2023: <\/span><span style=\"\">Madinet Masr for Housing <\/span><span style=\"\">and <\/span><span>Development (MMHD) will invest as much as EGP 3 bn in Egypt this year, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3G9lV2R\" style=\"\">Hapi Journal<\/a><\/span><span> quotes MNHD Managing Director and CEO Abdallah Sallam as saying. The company, which last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\">rebranded to change its name from Madinet Nasr<\/a><\/span><span style=\"font-weight:400;\">, 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That\u2019s over EGP 1 bn more than last year:<\/span><span> MMHD allocated EGP 1.8 bn to construction and infrastructure capex in 2022, it said in its recent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/MadinetNasrHD-ER-FY22-earnings-english_8.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MMHD doubled deliveries last year:<\/span><span> The company increased its delivery of residenti<\/span><span>al units to <\/span><span style=\"font-weight:400;\">nearly 2.1k in 2022 from just over 1.0k the year before.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company is expanding beyond the capital:<\/span><span> The real estate developer is launching a new development this year in Assiut, its first project outside of Cairo, Sallam<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/40p6FXz\" style=\"\">said at a press conference<\/a><\/span><span style=\"font-weight:400;\"> last week. It is also looking to acquire land in the new administrative capital. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And potentially beyond Egypt\u2019s borders:<\/span><span> MMHD is keeping its eyes open for potential investm<\/span><span>ent<\/span><span style=\"font-weight:400;\">s in the Gulf, Sallam said, without providing further details. A company representative declined to comment further on Sallam\u2019s statements when we reached out on Thursday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Madinet Masr to issue more securitized bonds:<\/span><span> MMHD<\/span><span> intends to close a fresh securitization later this yea<\/span><span>r, <\/span><span>Sallam<\/span><span> told Hapi. <\/span><span style=\"font-weight:400;\">He did not disclose the potential size of the issuance. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MMHD has made one securitization so far in 2023<\/span><span style=\"font-weight:700\">: <\/span><span>The company last month <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4d4f019-dfbd-4c1e-8e37-5bbe1a80d1dc\" style=\"\">sold almost EGP 806 mn<\/a><\/span><span> of securitized receivables to investors. This was the second installment of a EGP 3 bn, three-year program <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ed7b2bc-e904-41d3-a79a-0c4f1a2b9250\" style=\"\">started<\/a><\/span><span style=\"font-weight:400;\"> in January 2022.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company to deploy EGP 3 bn in mainly construction capex this year<\/p>\n","protected":false},"author":1,"featured_media":584524,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[88,72,125,353,83,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-debt-watch","tag-enterpriseam","tag-investment-watch","tag-madinet-masr-for-housing-and-development","tag-real-estate","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"54b9a68f-e0d8-44fe-9241-844cd66895bf","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/9.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Madinet Masr to hike capex spend by two-thirds in 2023","related_issue":[584512],"teaser":"Company to deploy EGP 3 bn in mainly construction capex this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.63e929e3-dff9-4842-b809-5b208716c801.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madinet Masr plans to spend more this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/madinet-masr-plans-to-spend-more-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madinet Masr plans to spend more this year\" \/>\n<meta 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2568.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594242,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/23\/egypts-madinet-nasr-awards-egp-5-bn-work-to-contractors\/","url_meta":{"origin":584523,"position":3},"title":"Egypt\u2019s Madinet Nasr awards EGP 5 bn work to contractors","author":"enterpriseam admin","date":"23 October 2019","format":false,"excerpt":"Real estate developer Madinet Nasr for Housing (MNHD) has awarded EGP 5 bn of work to contractors, including Redcon Construction and Gama Construction, in its Taj City and Saraya projects in New Cairo, Managing Director Ahmed El Hitamy said during a conference. The company had previously contracted Hill International before\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609864,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/madinet-masrs-earnings-more-than-double-in-9m-2023-on-record-sales\/","url_meta":{"origin":584523,"position":4},"title":"Madinet Masr\u2019s earnings more than double in 9M 2023 on record sales","author":"enterpriseam admin","date":"12 November 2023","format":false,"excerpt":"The real estate developer is on track for record sales by the year\u2019s end","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575993,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/madinet-nasr-net-profit-flat-in-9m2020\/","url_meta":{"origin":584523,"position":5},"title":"Madinet Nasr net profit flat in 9M2020","author":"enterpriseam admin","date":"5 November 2020","format":false,"excerpt":"EARNINGS WATCH- Madinet Nasr Housing & Development\u2019s (MNHD) net profit was flat during 9M2020, falling marginally to EGP 629 mn from EGP 631 mn in the same period last year, the company said in a regulatory filing (pdf). Revenues climbed 22% to EGP 1.76 bn from EGP 1.44 bn last\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584523"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584523\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584524"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584523"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584523"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}