The content includes a paragraph with the time and date. Another paragraph discusses the controversy surrounding Madinet Nasr for Housing and Development’s decision to change their brand and name to Madinat Misr. The company received backlash on social media following launching an campaign featuring well-known figures. Many criticized the change of the company’s name, which they felt abbreviated Egypt. Nevertheless, the company has a long history of successful projects, including the Taj City Compound and the Saray Compound. There are plans for expansion outside of Egypt, including in the Gulf region and the United States of America. Despite the controversy, Madinat Misr was able to achieve a substantial revenue of 5.2 billion pounds during the past year.
12:15 p.m
Monday, April 10, 2023
Books – Muhammad Abdel Nasser:
The announcement of Madinet Nasr for Housing and Development to change the brand and name of the company to Madinat Misr sparked a state of controversy and severe attack on the company.
The state of rejection on social media came following the campaign that the company began promoting a few days ago, which relied on a large number of stars, such as the artist Mohamed Mounir, the artist Ali Al-Hajjar, Majid Al-Kadwani, and the journalist Ramy Radwan.
Since the beginning of the campaign, the company has been subjected to severe attack on social media platforms, due to the change of the company’s name and what they considered a shortening of Egypt in the name of the company, wondering regarding the identity of the new company and the reasons for changing the name, especially since the company had a special identity related to the implementation of the Nasr City neighborhood.
Madinat Misr Company was launched in 1959, and it has changed and adapted to modern developments over the years, as it became the largest ownership of the private sector following it was wholly owned by the government, as the public sector owns approximately 15% of the company.
Among the most important projects implemented by the company in the recent period is the Taj City Compound in New Cairo, the Saray Compound in New Cairo, the Taj Sultan Compound in New Cairo as well, and the Kavana Lake View Compound in New Cairo.
Eng. Abdullah Salam, CEO and Managing Director of Madinet Nasr Housing and Development Company, said that changing the company’s name to Madinat Misr came as a result of the company’s expansion plans in many areas, including the northern coasts and Upper Egypt, and not only in Cairo, and these expansions come in response to transformations Huge urbanization that the company is targeting in the future.
Salam confirmed that the company is considering investing in the new administrative capital and is also studying expansion plans outside Egypt, especially in the Gulf region and the United States of America.
Madinat Misr was able to achieve total revenues of 5.2 billion pounds during the past year, and net profits of 747 million pounds. It is noteworthy that these profits were obtained only from the sales of projects and did not include the sale of any plots of land.
The company achieved sales of 12.5 billion pounds through contracts during the year 2022, and more than three thousand real estate units were sold, and the total profits reached an amount of 2 billion pounds.
In conclusion, the announcement of Madinet Nasr for Housing and Development’s name change to Madinat Misr has caused quite a stir on social media, with many questioning the reasons behind this decision. Despite the controversy, the company remains one of the largest and most successful in the private sector, with a range of projects in the pipeline for the future. It will be interesting to see how Madinat Misr navigates the urbanization transformations in the region and expands its horizons beyond Egypt’s borders.
