M squared awards EGP 1bn construction contract to REDCON for Masyaf Ras El Hekma

2026-03-17 - 18:51

Egyptian real estate developer M squared has awarded a construction contract worth EGP 1bn to REDCON Construction to execute and complete 59 residential buildings at its Masyaf Ras El Hekma project on the North Coast. The 18-month contract covers the delivery of 376 residential units, including lagoon townhouses, twin houses, and chalet buildings, as part of the project’s first development phase. This marks the first collaboration between M squared, the real estate arm of Intro Investment Holding, and REDCON Construction, which has been appointed as a main contractor for the scheme. The agreement comes as M squared continues to accelerate on-site progress at Masyaf Ras El Hekma, where construction momentum has picked up in recent periods. The project has already recorded early deliveries, with a portion of units handed over in 2025. Planned as an integrated coastal destination, the development combines residential offerings with hospitality, retail, and service facilities designed to support year-round utilisation. Karim Malash, Chairperson and CEO of M squared, said the partnership reflects the company’s strategy of working with contractors capable of delivering large-scale developments while maintaining quality standards and timelines. He added that cooperation with REDCON is expected to extend into future phases of the project. Omar El Gamal, CEO and Managing Director of REDCON Construction, noted that the partnership enables close coordination across engineering, construction, and finishing stages, supporting efficient project execution. He added that the agreement could open the door for further collaboration in upcoming phases. The contract primarily covers lagoon-facing residential units, which form a key component of the project’s broader product mix. Masyaf Ras El Hekma is being developed under a comprehensive model that integrates residential, commercial, hospitality, and wellness elements, alongside supporting infrastructure and service components. The project also involves multiple partnerships across asset management, finishing, and infrastructure works as part of its phased rollout. The agreement underscores continued construction momentum along Egypt’s North Coast, where developers are increasingly fast-tracking execution and adopting integrated development models that blend residential and service-oriented offerings.