In a statement sent to the Egyptian Exchange, the company stated that it intends to allocate a portion of its annual investments to support startups operating in fields related to its core activity of developing sustainable communities.
The company added that this step falls within the strategic direction announced since the launch of its innovation arm, "Innovation Labs," which focuses on supporting innovation in the real estate development sector. It explained that the initiative aligns with the company's vision to keep pace with technological developments and meet the needs of new generations for innovative real estate products.
Madinet Masr Company noted that this step is similar in its approach to that of venture capital funds, but Madinet Masr is considering implementing this approach within the framework of its annual investment budget without relying on external investors.
Madinet Masr recorded after-tax profits (parent company's equity share) of EGP 2.91 billion in 2024, compared to EGP 2.12 billion in 2023. Meanwhile, the company's revenues rose to EGP 8.46 billion last year, compared to EGP 8.11 billion in 2023.