MG Developments acquires a stake in Egyptian-Saudi AJAD Developments as capital rises to EGP 4bn, supporting expansion in West Cairo and Saudi Arabia
AJAD Developments, an Egyptian-Saudi real estate developer, has announced a strategic partnership with MG Developments.
MG Developments has acquired a stake in the company. The partnership forms part of a plan to raise AJAD Developments’ capital to EGP 4bn.
The move will strengthen AJAD’s financial position. It will also support expansion plans in West Cairo and potential opportunities in Riyadh, Saudi Arabia.
AJAD Developments Allocates EGP 500m to Elaia
AJAD Developments will allocate EGP 500m to construction works at its Elaia project in New Heliopolis during 2026 and 2027.
The company will move forward following the issuance of Ministerial Decree No. 994 of 2026. The decree approves the project’s master plan.
Construction works are scheduled to begin in the second half of 2026. AJAD also plans to start delivering the first phase by the end of 2029.
Anas Ammar Highlights Strategic Partnership
Counselor Anas Ammar, CEO of AJAD Developments, described the partnership with MG Developments as a landmark step.
He said the agreement reflects investors’ confidence in AJAD’s vision and future plans.
Raising capital to EGP 4bn will strengthen the company’s financial position. The move will also enhance its construction and execution capabilities.
Additional capital will support faster work on existing projects. It will also help AJAD launch its expansion plans in West Cairo.
At the same time, the company is exploring investment opportunities in Riyadh.
Elaia Construction Starts in 2026
Ammar said AJAD Developments is following a clear execution plan for Elaia.
The plan targets construction during the second half of 2026. It also follows the timeline approved under the ministerial decree.
AJAD will maintain its targeted quality and execution standards throughout the project.
The company expects the first phase to begin handovers by the end of 2029.
AJAD Developments Appoints Leading Consultants
AJAD Developments has completed agreements with several leading consulting and professional firms for Elaia.
Yasser El Beltagy and YBA Architects will provide design and engineering consultancy services.
ACE Moharram.Bakhoum will supervise construction works.
Meanwhile, WE will provide smart infrastructure solutions and smart community technologies.
The company has also appointed International Contracting Company, a subsidiary of MG Developments, to execute Elaia’s first phase.
Mohamed Motawea: MG Brings 28 Years of Experience
Mohamed Motawea, Chairman of the MG Group of Companies, said the investment reflects the group’s confidence in AJAD Developments.
He also highlighted MG’s belief in the strength of the Egyptian real estate market.
MG will contribute more than 28 years of experience in real estate development, contracting, and project management.
That experience will support AJAD’s construction plan. It will also improve execution efficiency and accelerate completion rates.
The integration of MG Group companies adds further value to the partnership.
These companies operate across contracting, operations, and asset management.
Motawea said this structure will support the delivery of high-quality real estate projects.
The partnership also aims to strengthen customer and investor confidence.
