Real estate company Methaq Arab Group (MAG) will launch its first project in Egypt with some EGP 60 bn (AED 4.5 bn) in investments, according to a press release. The mixed-use project — located in new East Cairo — will include residential, hospitality, and commercial components, regional executive director Nour El Sorougy said.

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What they said: “We bring more than 10 years of experience in Abu Dhabi, where we have developed over 25 successful projects. Today, we are entering Egypt to replicate those successes in a market defined by strong demand and continuous growth,” El Sorougy said.

About MAG: The developer was “established with Emirati expertise and Saudi–Egyptian capital” and plans to use its Egypt project to “build a joint Arab entity capable of competing both regionally and globally.”

It’s not the only Emirati developer with significant investments in Egypt: Modon Holding is pouring bns of USD into the USD 35 bn Ras El Hekma project on the North Coast, where it was tapped as master developer, with others like Sky AD also involved. Meanwhile, Emaar continues to invest in new projects across the country, with a Red Sea development and a New Mivida residential project in the pipeline.

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